GameStop sank nearly 20 per cent on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business. Chewy founder Ryan Cohen - popular among 'meme stock' traders - stepped up t
GameStop sank nearly 20 per cent on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business.
Chewy founder Ryan Cohen - popular among"meme stock" traders - stepped up to the executive chairman role on Wednesday, but the company did not name a CEO to succeed former Amazon.com executive Matt Furlong. "It's hard to have an opinion with no earnings call, little-to-no investor communication, and lack of consistent strategic vision. One consistency remains, changes at the top," Jefferies analysts said in a note.
When Cohen bought into the company nearly three years ago, one of his main objectives was to pivot Gamestop toward a more online-focused model to take on larger retailers such as Amazon. But signs of progress have been scarce so far. The company, which sells collectibles, videogames and consoles, had reported a 10 per cent drop in sales for the three months through April - its fourth consecutive decline in quarterly revenue.
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