GameStop Announces Additional Board Refreshment to Accelerate Transformation
January 11 2021 - 6:30AM
GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today
announced that it has entered into an agreement with RC Ventures
LLC (“RC Ventures”) that will advance the refreshment of the
Company’s Board of Directors (the “Board”). RC Ventures, which is
one of the Company’s largest stockholders, is managed by Ryan
Cohen. The agreement provides for the immediate appointment of
three new directors – Alan Attal, Ryan Cohen and Jim Grube – who
will also stand for election on GameStop’s nine-member slate at the
Company’s 2021 Annual Meeting of Stockholders (the “Annual
Meeting”), which is expected to take place in June 2021.
The three new directors collectively bring deep
expertise in e-commerce, online marketing, finance and strategic
planning to GameStop. These skillsets will support the Company’s
continued focus on optimizing core operations and creating a
powerful and exciting ecosystem for games and entertainment.
Effective immediately and through the Annual
Meeting, GameStop’s Board of Directors will expand from 10 members
to 13 members. Lizabeth Dunn, Raul Fernandez, James K. Symancyk and
Kathy Vrabeck have each informed the Board that they do not intend
to stand for reelection at the Annual Meeting. As such, the Board
will be reduced to nine members following the Annual Meeting.
The Company’s anticipated slate of director
nominees for the Annual Meeting includes the following nine
individuals: Alan Attal, Ryan Cohen, Paul Evans, Reginald
Fils-Aimé, Jim Grube, George Sherman, William Simon, Carrie Teffner
and Kurt Wolf.
Ms. Vrabeck, Chair of the Board, commented: “We
are pleased to welcome Ryan, Alan and Jim to the Board and look
forward to working with them to pursue long-term value creation.
Their substantial e-commerce and technology expertise will help us
accelerate our transformation plans and fully capture the
significant growth opportunities ahead for GameStop.”
Mr. Cohen said, “We are excited to bring our
customer-obsessed mindset and technology experience to GameStop and
its strategic assets. We believe the Company can enhance
stockholder value by expanding the ways in which it delights
customers and by becoming the ultimate destination for gamers.
Alan, Jim and I are committed to working alongside our fellow
directors and the management team to continue to transform
GameStop. In addition, we intend to bring additional ownership
perspectives to the boardroom.”
George Sherman, GameStop's Chief Executive
Officer, said, “We appreciate the constructive dialogue we have had
with Ryan over the past several months. Together, we have reached
an outcome that is in the best interest of all stockholders and can
enable GameStop to accelerate efforts to deliver enhanced value for
the Company. GameStop is in a solid market position with
substantial room to run. We are leveraging our omni-channel
capabilities, increasing our e-commerce sales and demonstrating our
unique ability to serve our customers, wherever, whenever and
however they choose to shop and experience gaming. In addition, we
have delivered strong progress optimizing our business through a
purposeful focus on efficiently managing our expenses, stores and
inventory. We are confident that GameStop will continue to
accelerate its progress and transformation in the quarters to
come.”
GameStop’s agreement with RC Ventures includes
customary standstill and voting provisions. The agreement will be
filed on a Form 8-K with the Securities and Exchange
Commission.
New Director Biographies
- Alan Attal is a
successful e-commerce executive and entrepreneur with more than two
decades of experience building and managing businesses. From 2017
through 2018, Mr. Attal served as the Chief Marketing Officer of
Chewy Inc. and oversaw an annual acquisition budget of more than
$300 million, which was allocated to broadcast, direct mail and
digital advertising and engagement initiatives. From 2011 through
early 2017, he served as the company’s Chief Operating Officer and
oversaw its expansion from three people to more than 10,000
employees and $3 billion in revenues.
- Ryan Cohen is the
manager of RC Ventures and a sizable stockholder of GameStop Corp.
Mr. Cohen previously founded and served as the Chief Executive
Officer of Chewy Inc. (NYSE: CHWY), where he oversaw the company’s
growth and ascension to market leadership in the pet industry. Mr.
Cohen led the company through its successful sale to PetSmart Inc.
for more than $3.3 billion prior to stepping down in 2018. The
company is now listed on the New York Stock Exchange with an equity
market capitalization of approximately $40 billion. Mr. Cohen has
extensive experience in retail, technology and e-commerce.
- Jim Grube is a
successful business and finance executive with more than two
decades of corporate experience. He was most recently the Chief
Financial Officer of Vacasa, North America's leading vacation
rental management company. He previously served as the Chief
Financial Officer of Chewy, Inc. from 2015 through 2018. He was
formerly the Senior Vice President of Finance at Hilton from 2009
through 2015 and a Director of Finance at Amazon from 2007 through
2009. He began his career working at other leading companies across
the technology and transportation sectors.
About GameStop
GameStop Corp., a Fortune 500 company
headquartered in Grapevine, Texas, is a digital-first omni-channel
retailer, offering games and entertainment products in its over
5,000 stores and comprehensive e-commerce properties across 10
countries. GameStop, through its family of brands, offers the best
selection of new and preowned video gaming consoles, accessories
and video game titles, in both physical and digital formats.
GameStop also offers fans a wide variety of POP! vinyl figures,
collectibles, board games and more. Through GameStop’s unique
buy-sell-trade program, gamers can trade in video game consoles,
games, and accessories, as well as consumer electronics for cash or
in-store credit. The Company's consumer product network also
includes www.gamestop.com and Game Informer® magazine, the world's
leading print and digital video game publication.
General information about GameStop Corp. can be obtained at the
Company’s corporate website. Follow @GameStop and @GameStopCorp on
Twitter and find GameStop on Facebook at
www.facebook.com/GameStop.
About RC Ventures
RC Ventures LLC is a private investment entity
founded and managed by Ryan Cohen.
Contacts
For investors:GameStop Corp. Investor
Relations(817) 424-2001investorrelations@gamestop.com
For media:Lex Suvanto, Lex.suvanto@edelman.com
Patrick Ryan: Patrick.ryan@edelman.com
Chewy (NYSE:CHWY)
Historical Stock Chart
From Apr 2024 to May 2024
Chewy (NYSE:CHWY)
Historical Stock Chart
From May 2023 to May 2024