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Exclusive: GameStop s strong stock performance triggered board director s exit

3 Min Read (Reuters) - Hestia Capital Partners LP managing director Kurt Wolf joined GameStop Corp’s board to make the U.S. video game retailer more valuable. Then it became too valuable for him to stay on. FILE PHOTO: A GameStop store is seen in the Jackson Heights neighborhood of New York City, New York, U.S. January 27, 2021. Picture taken January 27, 2021. REUTERS/Nick Zieminski/File Photo The hedge fund manager resigned his directorship this week because his investors fretted the bet on the company, which scored a paper gain of 3,500%, had become too large and risky, three people familiar with the matter said on Thursday.

GameStop to name Ryan Cohen as next chairman

Share it UPDATE: April 8, 2021: GameStop s board plans to elect as its chairman Ryan Cohen, the founder and former CEO of Chewy, at its annual meeting of stockholders on June 9. Cohen was recently appointed to the retailer s board after he bought an activist stake in GameStop and began agitating for a swifter digital transformation.  Dive Brief: GameStop s board has formed a new strategic committee tasked with accelerat[ing] the Company s transformation. Already the committee has hired a new chief technology officer and executives to lead customer care and e-commerce fulfillment. Chairing the committee is Ryan Cohen, founder and former chief of pet e-commerce giant Chewy, who now sits on GameStop s board after leading an activist shakeup at the retailer. Alan Attal, also a former Chewy executive now on GameStop s board, and Kurt Wolf, another board member, round out the new committee.

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