GameStop names billionaire as CEO in turnaround push
This Jan. 28, 2021, file photo, shows a GameStop store in New York. (AP Photo/John Minchillo, File)
GameStop named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around.
Shares of the company jumped 10% in premarket trading. The stock has been on a roller-coaster ride since 2021 when retail investors drove up its price in an attempt to prove that bets by hedge funds on GameStop's demise were wrong.
Cohen is GameStop's largest investor and has been on the board for more than two years. He became executive chairman in June after former CEO Matt Furlong was ousted.
GameStop said he will relinquish that title and will not receive any compensation for his new roles.
Cohen arrived at GameStop after building online pet products retailer Chewy into a powerhouse that he sold for US$3.5 billion in 2017.
The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.
But he has backtracked on some of those e-commerce plans, relying more on GameStop's brick-and-mortar stores and using them as places where customers can pick up online orders.
The company's quarterly earnings earlier this month showed some signs that the strategy was working as strong demand for videogames, collectibles and consoles helped GameStop post a smaller-than-expected loss and revenue that beat estimates.
Still, there have been concerns among analysts about the slow pace of change at GameStop and Cohen's mixed record as an activist investor at the companies he has targeted, including Bed Bath & Beyond and Nordstrom.
The company has seen several executive departures in recent years, with former chief operating officer Jenna Owens leaving in October 2021 just seven months after joining.
Former finance chief Michael Recupero, who was hired at the same time as Furlong was brought in, was terminated last year.
The video-game retailer's shares have lost more than 80% of their value since the record high in 2021, including a 7% decline this year.
(Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
YOUR FINANCES
Here's how much more your Christmas dinner will cost this year
Celebrating with your family this December could come with increased expenses as data shows many traditional holiday foods are going up in price.
Canadians increasingly turning to charities to meet essential needs, but cost of living also hitting donations
Every Giving Tuesday, many Canadians generously dig into their wallets to donate to charities, but as the cost of living climbs, research suggests many Canadians are also in need of help.
Here's how much more it's expected to cost to feed a family of 4 in Canada next year
A new report by more than 30 researchers is estimating how much food will cost in 2024 and how much money it will take to feed families.
What is the grocery code of conduct, and will it help to lower the cost of food?
Canada's grocery code of conduct is in the final stages with advocates saying it would help lower food prices while big grocers say it won't.
Poor Inuit housing 'direct result of colonialism': federal housing advocate
A federal housing advocate is accusing every level of government in Canada of failing to uphold the Inuit's right to housing -- and therefore denying their human rights.
Having financial problems? Don't get caught in debt relief scams
With inflation, rising interest rates, and higher costs for gas, groceries and housing, many Canadians are feeling the financial pinch and now personal bankruptcies are on the rise.
Do you tip at a restaurant like Chipotle? Here’s what a survey found
But the majority of Americans say they tip 15 per cent or less for a typical meal at a sit-down restaurant, according to a wide-ranging new poll on tipping attitudes from Pew Research Center. The poll surveyed nearly 12,000 people.
Loblaw raises the affordability alarm as grocery code of conduct nears completion
As the grocery code of conduct nears completion, the Canadian industry's biggest player is raising concerns the guidelines could add fuel to the food inflation fire.
CTVNews.ca Top Stories
Minnesota grocery store clerk dies after customer impales him with a golf club, police say
A Minneapolis store clerk died after a customer beat him and impaled him with a golf club, police said. The 66-year-old clerk was attacked Friday at the Oak Grove Grocery, a small neighborhood store in a residential area near downtown Minneapolis. A 44-year-old suspect is jailed on suspicion of murder.
B.C. Amber Alert cancelled, 2-month-old child found safe
Mounties in Surrey, B.C., say the two-month-old child who was the subject of an Amber Alert Saturday afternoon has been found safe.
Shohei Ohtani agrees to record $700 million, 10-year contract with Dodgers
Shohei Ohtani has opted to stay in southern California, and the Toronto Blue Jays have missed out on landing a generational talent.
6 dead, nearly 2 dozen injured after severe storms tear through central Tennessee
Severe storms that tore through central Tennessee killed six people Saturday and sent about two dozen to the hospital as homes and businesses were damaged in multiple cities.
A pregnant Texas woman asked a court for permission to get an abortion, despite a ban. What's next?
Kate Cox, a mother of two in Texas, became pregnant again in August but soon after learned devastating news: Her baby has a fatal condition and is likely to either be stillborn or die shortly after birth.
Every phone call is a goodbye, says Vancouver resident with family in Gaza
Omar Mansour says every phone call with his family in the Gaza Strip might be the last.
Mideast ministers in Ottawa to discuss Israel-Hamas war with Joly, Trudeau
A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkiye are in Ottawa today for a quietly planned meeting with Foreign Affairs Minister Melanie Joly to discuss attempts to end the Israel-Hamas war.
Ibrahim Ali found guilty of killing 13-year-old girl in B.C.
A jury has found Ibrahim Ali guilty of killing a 13-year-old girl whose body was found in a Burnaby, B.C., park in 2017.
Nuclear fission may play key role in the creation of heavy elements when neutron stars collide: study
New scientific models are suggesting that nuclear fission may play a key role in the creation of heavy elements in the universe—which, if true, would be the first example of nuclear fission occurring in space.
Canada
-
Every phone call is a goodbye, says Vancouver resident with family in Gaza
Omar Mansour says every phone call with his family in the Gaza Strip might be the last.
-
B.C. Amber Alert cancelled, 2-month-old child found safe
Mounties in Surrey, B.C., say the two-month-old child who was the subject of an Amber Alert Saturday afternoon has been found safe.
-
Ibrahim Ali found guilty of killing 13-year-old girl in B.C.
A jury has found Ibrahim Ali guilty of killing a 13-year-old girl whose body was found in a Burnaby, B.C., park in 2017.
-
Feds recover $40M from defunct Quebec vaccine developer Medicago
The federal government has recovered $40 million of its investment in the now-defunct Quebec-based vaccine developer Medicago as part of a deal with the parent company, the innovation minister announced Thursday.
-
2 Ontario men charged after allegedly producing recruitment videos for listed terrorist entity
Two men from Ontario have been arrested on charges of terrorism after allegedly producing recruitment videos for a listed terrorist organization and circulating far-right manifestos online, police say.
-
CBC considering 'all possible measures' in wake of concerns over cuts, exec bonuses
Top CBC executives said Friday they are considering options to manage the broadcaster's financial pressures, including taking a look at "senior executive compensation," following plans to slash 10 per cent of the public broadcaster's workforce.
World
-
6 dead, nearly 2 dozen injured after severe storms tear through central Tennessee
Severe storms that tore through central Tennessee killed six people Saturday and sent about two dozen to the hospital as homes and businesses were damaged in multiple cities.
-
Bloody clash in Mexican hamlet kills 4 villagers and 10 gunmen, including drug cartel's leader
A clash between gunmen from a notoriously violent drug cartel and residents of a small farming community in central Mexico left 14 people dead, including the cartel's leader, authorities said Saturday.
-
A Soviet-era statue of a Red Army commander taken down in Kyiv
City workers in Kyiv on Saturday dismantled an equestrian statue of a Red Army commander, the latest Soviet monument to be removed in the Ukrainian capital since Russia launched its full-scale invasion last year.
-
U.S. and Philippines condemn the Chinese coast guard's water cannon blasts on fisheries vessels
The Philippines and its treaty ally, the United States, separately condemned a high-seas assault Saturday by the Chinese coast guard together with suspected militia ships that repeatedly blasted water cannons to block three Philippine fisheries vessels from a disputed shoal in the South China Sea.
-
Tensions are soaring between Guyana and Venezuela over a territorial dispute. Here's what to know
A century-old territorial dispute deepened by the discovery of oil is boiling over between neighbors Guyana and Venezuela. Steeped in patriotism, the Venezuelan government is seizing on the fight to boost support ahead of a presidential election among a population fed up with a decade-long crisis that has pushed many into poverty.
-
Ukraine says any Russian presidential voting in its occupied regions would be 'null and void'
Ukraine on Saturday condemned Russia's intention to organize presidential election voting in occupied Ukrainian territory next year.
Politics
-
Mideast ministers in Ottawa to discuss Israel-Hamas war with Joly, Trudeau
A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkiye are in Ottawa today for a quietly planned meeting with Foreign Affairs Minister Melanie Joly to discuss attempts to end the Israel-Hamas war.
-
Marathon Conservative carbon tax filibuster ends after nearly 30 consecutive hours of House votes
The Conservative-prompted filibuster in the House of Commons ended Friday night, after MPs spent nearly 30 hours voting non-stop on the government's spending plans.
-
Taiwan-Canada ties surge as supporters tout trade, politics and shared values
Somewhere at the confluence of politics, commerce and shared values driving a recent wave of Canadian fascination with Taiwan, there were the island's "freedom pineapples."
Health
-
A pregnant Texas woman asked a court for permission to get an abortion, despite a ban. What's next?
Kate Cox, a mother of two in Texas, became pregnant again in August but soon after learned devastating news: Her baby has a fatal condition and is likely to either be stillborn or die shortly after birth.
-
Bill 15: Quebec health reform passes after gov't invokes closure
After sitting through the night, early Saturday morning, members of the Quebec legislature finally passed Bill 15 to reform the health-care network, voting 75 to 27.
-
From general practitioner to treatment: Canadians' waited longer for health care in 2023
A new report from the Fraser Institute, a Canadian think tank, says people waited longer in 2023 to receive treatment from a specialist. Here's where.
Sci-Tech
-
Europe reaches a deal on the world's first comprehensive AI rules
European Union negotiators clinched a deal Friday on the world's first comprehensive artificial intelligence rules, paving the way for legal oversight of AI technology that has promised to transform everyday life and spurred warnings of existential dangers to humanity.
-
Pompeii archaeologists uncover bakery that doubled as a prison
An ancient bakery operated by slaves has been discovered in the ruins of Pompeii, the Pompeii Archaeological Park said in a statement released Friday.
-
Nuclear fission may play key role in the creation of heavy elements when neutron stars collide: study
New scientific models are suggesting that nuclear fission may play a key role in the creation of heavy elements in the universe—which, if true, would be the first example of nuclear fission occurring in space.
Entertainment
-
Ryan O'Neal, star of 'Love Story,' 'Paper Moon,' 'Peyton Place' and 'Barry Lyndon,' dies at 82
Ryan O'Neal, the heartthrob actor who went from a TV soap opera to an Oscar-nominated role in 'Love Story' and delivered a wry performance opposite his charismatic 9-year-old daughter Tatum in 'Paper Moon,' died Friday, his son said.
-
Taylor Swift's Eras Tour is the 1st tour to gross over US$1B, Pollstar says
Taylor Swift's Eras Tour is the first tour to cross the billion-dollar mark, according to Pollstar's 2023 year-end charts.
-
Movie reviews: Every frame of 'The Boy and the Heron' exudes warmth, wonder, poignancy and poetry
This week, pop culture critic Richard Crouse reviews new movies- 'The Boy and the Heron,' 'Leave the World Behind,' 'Eileen' and 'Chicken Run: Dawn of the Nugget.'
