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.
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.
Here's how much it costs to raise children in Canada, according to new statistics
A new report from Statistics Canada estimates how much parents will spend on children over the course of their lifetime.
CTVNews.ca Top Stories
'Big, dark canvas of despair': Rick Hansen speaks on how his mindset changed after being paralyzed
Rick Hansen's life changed the day he was told he'd never walk again, but instead of letting his disability stand in his way, he became an advocate for accessibility rights and a Paralympic Athlete. Here's how that happened.
Sandie Rinaldo: Rick Hansen marks the 50th anniversary of his life-changing accident by visiting the scene
Rick Hansen lost the use of his legs in a truck accident when he was just 15 years old, CTV National News anchor, Sandie Rinaldo interviewed him recently while visiting the place where his life changed irrevocably.
7.6 magnitude earthquake strikes off the southern Philippines and a tsunami warning is issued
An earthquake with a preliminary magnitude of 7.6 struck Saturday off the cost of the southern Philippines island of Mindanao. A tsunami warning was issued.
Amid housing crisis, decrepit N.L. jail seen as preferable to living on the street
Michael Keough has to pause in the middle of his phone call from Newfoundland and Labrador's largest jail to cough and wipe his eyes -- there's black mould on the wall where the phones are, he explains, and it irritates him after a while.
Israeli offensive shifts to crowded southern Gaza, driving up death toll despite evacuation orders
Israel pounded targets in the crowded southern half of the Gaza Strip on Saturday and ordered more neighborhoods designated for attack to evacuate, driving up the death toll even as the United States and others urged it to do more to protect Gaza civilians a day after a truce collapsed.
Protester critically injured after setting self on fire outside Israeli consulate in Atlanta
A protester was in critical condition Friday after setting themself on fire outside the Israeli consulate in Atlanta, authorities said. A security guard who tried to intervene was also injured.
Russia brings new charges against jailed Kremlin foe Navalny
Imprisoned opposition leader Alexei Navalny has been handed new charges by Russian prosecutors.
Gatineau, Que. Facebook Marketplace sellers using fake addresses to scam buyers
Residents of a Gatineau, Que. neighbourhood have been dealing with a string of strangers knocking at the doors of their homes looking to pick up their purchased products from Facebook Marketplace, but instead discovering they had been scammed.
Alleged Montreal-area 'Chinese police stations' planning to sue RCMP for $2.5 million
Two Chinese community centres in the Montreal area are planning to launch a $2.5 million defamation lawsuit against the RCMP and the Attorney General of Canada after being accused by the police force of hosting 'alleged Chinese police stations.'
Canada
-
Amid housing crisis, decrepit N.L. jail seen as preferable to living on the street
Michael Keough has to pause in the middle of his phone call from Newfoundland and Labrador's largest jail to cough and wipe his eyes -- there's black mould on the wall where the phones are, he explains, and it irritates him after a while.
-
At first-ever health day at UN climate summit, Canadian doctors push for action
As global leaders prepare to meet for the first dedicated health day at a UN climate summit, Canadian doctors plan to use the platform to push for a new federal office dedicated to addressing the health effects of climate change.
-
Gatineau, Que. Facebook Marketplace sellers using fake addresses to scam buyers
Residents of a Gatineau, Que. neighbourhood have been dealing with a string of strangers knocking at the doors of their homes looking to pick up their purchased products from Facebook Marketplace, but instead discovering they had been scammed.
-
Sandie Rinaldo: Rick Hansen marks the 50th anniversary of his life-changing accident by visiting the scene
Rick Hansen lost the use of his legs in a truck accident when he was just 15 years old, CTV National News anchor, Sandie Rinaldo interviewed him recently while visiting the place where his life changed irrevocably.
-
Lawyer in Ali murder trial says 13-year-old B.C. victim was not an 'innocent'
Ibrahim Ali's lawyer says the 13-year-old girl he's accused of murdering in a British Columbia park wasn't the “innocent” depicted in a “rose-coloured” portrayal by the Crown at trial.
-
With Canada set to reimpose cap on working hours, international students worry about paying for tuition, living expenses
Canada is set to reimpose the cap on the number of hours that international students can work off campus. But with heightened cost-of-living concerns in Canada, many international students say they're not sure how they'll be able to afford their tuition and living expenses if they can't work full-time.
World
-
7.6 magnitude earthquake strikes off the southern Philippines and a tsunami warning is issued
An earthquake with a preliminary magnitude of 7.6 struck Saturday off the cost of the southern Philippines island of Mindanao. A tsunami warning was issued.
-
Protester critically injured after setting self on fire outside Israeli consulate in Atlanta
A protester was in critical condition Friday after setting themself on fire outside the Israeli consulate in Atlanta, authorities said. A security guard who tried to intervene was also injured.
-
Israeli offensive shifts to crowded southern Gaza, driving up death toll despite evacuation orders
Israel pounded targets in the crowded southern half of the Gaza Strip on Saturday and ordered more neighborhoods designated for attack to evacuate, driving up the death toll even as the United States and others urged it to do more to protect Gaza civilians a day after a truce collapsed.
-
Russia brings new charges against jailed Kremlin foe Navalny
Imprisoned opposition leader Alexei Navalny has been handed new charges by Russian prosecutors.
-
Developing nations press rich world to better fight climate change at UN climate summit
Leaders of developing nations jumped into Saturday's second-day of high-level speeches at the UN climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they face -- while trumpeting their own natural resources that swallow heat-trapping carbon in the air.
-
Inmate stabbed Derek Chauvin 22 times, charged with attempted murder, prosecutors say
A federal inmate was charged Friday with attempted murder in the prison stabbing of Derek Chauvin, the former Minneapolis police officer convicted of murdering George Floyd.
Politics
-
Liberals, NDP, Bloc accuse Conservatives of stalling Canada-Ukraine free trade deal
Conservatives faced a barrage of partisan fire Friday in the House of Commons as their political rivals accused the official Opposition of trying to stall measures aimed at helping Ukraine.
-
Court decisions forced some rethink of oil, gas emissions cap: Minister Guilbeault
The Liberal government had to delay its long-promised regulations to cap emissions from oil and gas production in Canada because of two recent court decisions forcing Ottawa to tread more carefully on climate policy affecting provinces, Environment Minister Steven Guilbeault said Friday.
-
CSIS to probe B.C. office after allegations of rape, harassment and toxic workplace
Canada's spy agency says it has launched a workplace assessment of its British Columbia office over 'serious allegations' raised by whistleblowers who say they were sexually assaulted and harassed by a senior officer.
Health
-
At first-ever health day at UN climate summit, Canadian doctors push for action
As global leaders prepare to meet for the first dedicated health day at a UN climate summit, Canadian doctors plan to use the platform to push for a new federal office dedicated to addressing the health effects of climate change.
-
Flu season has officially started in Canada, public health agency says
The Public Health Agency of Canada says flu season is officially underway in this country. As of Nov. 25, 7.5 per cent of people tested for influenza across Canada were positive.
-
Pfizer nixes more study of twice-daily obesity pill treatment that made many patients nauseous
Pfizer shares sank Friday when the drugmaker said it would abandon a twice-daily obesity treatment after more than half the patients in a clinical trial stopped taking it.
Sci-Tech
-
Not so dead as a dodo: 'De-extinction' plan to reintroduce bird to Mauritius
An audacious collaboration between geneticists and conservationists plans to bring back the extinct dodo and reintroduce it to its once-native habitat in Mauritius.
-
Montana's first-in-the-nation ban on TikTok blocked by judge who says it's unconstitutional
Montana's first-in-the-nation law banning the video-sharing app TikTok in the state was blocked Thursday, one month before it was set to take effect, by a federal judge who called the measure unconstitutional.
-
Chinstrap penguins nod off more than 10,000 times per day in seconds-long 'microsleeps,' study finds
A new study has documented the peculiar sleeping habits of this species of penguin. Instead of taking one long continuous period of sleep, chinstrap penguins prefer to sleep in seconds-long intervals, more than 10,000 times a day.
Entertainment
-
Movie armourer in 'Rust' fatal shooting pleads not guilty to unrelated gun charge
The weapons supervisor on the film set where Alec Baldwin shot and killed a cinematographer in 2021 waived her arraignment in a separate case, pleading not guilty to a charge of carrying a gun into a Santa Fe bar.
-
Illinois appeals court affirms actor Jussie Smollett's convictions and jail sentence
An appeals court upheld the disorderly conduct convictions Friday of actor Jussie Smollett, who was accused of staging a racist, homophobic attack against himself in 2019 and lying about it to Chicago police.
-
Movie reviews: 'Maestro' is a stylish, passionate movie with enough depth to both warm and break your heart
This week, pop culture critic Richard Crouse reviews new movies 'Maestro,' 'May December,' 'Saltburn' and 'Silent Night.'
