Aligns with RC Ventures’ Ryan Cohen on the immediate appointment of three new directors with significant experience in e-commerce and technology
Confirms Board’s Commitment to Support GameStop’s Pursuit of Growth and market leadership
GRAPEVINE, Texas, January 11, 2021 (GLOBE NEWSWIRE) – GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has entered into a contract with RC Ventures LLC (“RC Ventures”) that will anticipate the renewal of the Company’s Board of Directors (the “Board”). RC Ventures, which is one of the company’s largest shareholders, 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 run for election on GameStop’s nine-member list at the Company’s 2021 Annual Shareholders Meeting (the “Annual Meeting”), which is expected to occur in June 2021.
The three new directors jointly bring in-depth knowledge of e-commerce, online marketing, finance and strategic planning to GameStop. These skill sets will support the company’s continued focus on optimizing core operations and creating a powerful and stimulating ecosystem for games and entertainment.
With immediate effect and through the Annual Meeting, GameStop’s Board of Directors will expand from 10 to 13 members. Lizabeth Dunn, Raul Fernandez, James K. Symancyk and Kathy Vrabeck informed the Council that they do not intend to run for re-election at the Annual Meeting. As such, the Board will be reduced to nine members after the Annual Meeting.
The anticipated list of directors appointed by the company 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.
Mrs. Vrabeck, Chairman 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. His substantial knowledge in e-commerce and technology will help us accelerate our transformation plans and fully capture the significant growth opportunities for GameStop. “
Mr. Cohen said: “We are excited to bring our customer-obsessed mindset and technology expertise to GameStop and its strategic assets. We believe that the company can increase shareholder value by expanding the ways in which it delights customers and becoming the ultimate destination for players. Alan, Jim and I are committed to working alongside our fellow directors and management team to continue to transform GameStop. In addition, we intend to bring additional ownership perspectives to the meeting room. “
George Sherman, GameStop’s CEO, said: “We appreciate the constructive dialogue we’ve had with Ryan over the past few months. Together, we achieve a result that is in the best interest of all shareholders and can allow GameStop to accelerate efforts to provide greater value to the company. GameStop is in a solid position in the market, with substantial space to operate. We are leveraging our omni-channel capabilities, increasing our e-commerce sales and demonstrating our unique ability to serve our customers, where, when and how they choose to buy and try games. In addition, we have made strong progress in optimizing our business through a purposeful focus on the efficient management of our expenses, stores and inventory. We are confident that GameStop will continue to accelerate its progress and transformation in the coming quarters. “
GameStop’s agreement with RC Ventures includes the usual suspension and voting provisions. The agreement will be filed on Form 8-K with the Securities and Exchange Commission.
Biographies of the new director
- Alan Attal is a successful e-commerce executive and entrepreneur with more than two decades of experience in building and managing businesses. From 2017 to 2018, Mr. Attal served as Chief Marketing Officer for 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 until the beginning of 2017, he served as the company’s Chief Operating Officer and oversaw its three-person expansion to more than 10,000 employees and $ 3 billion in revenue.
- Ryan Cohen is the manager of RC Ventures and a major shareholder in GameStop Corp. Mr. Cohen previously founded and served as CEO of Chewy Inc. (NYSE: CHWY), where he oversaw the company’s growth and rise 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 before leaving office in 2018. The company is now listed on the New York Stock Exchange with a 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. Most recently, he was Chief Financial Officer of Vacasa, a leading North American vacation rental management company. Previously, he served as Chief Financial Officer at Chewy, Inc. from 2015 to 2018. Previously, he was Hilton’s senior vice president of finance from 2009 to 2015 and Amazon’s chief financial officer from 2007 to 2009. He started his career working at other companies leaders in the technology and transportation sectors.
About GameStop
GameStop Corp., a Fortune 500 company based in Grapevine, Texas, is an omni-channel digital retailer, offering games and entertainment products in its more than 5,000 comprehensive stores and e-commerce properties in 10 countries. GameStop, through its family of brands, offers the best selection of new and used video game consoles, accessories and video game titles, in physical and digital formats. GameStop also offers fans a wide variety of POP! vinyl figures, collectible items, board games and more. Through GameStop’s exclusive buy and sell program, players can trade video game consoles, games and accessories, as well as consumer electronics products in cash or in-store credit. The company’s consumer product network also includes www.gamestop.com and Game Informer® magazine, the world’s leading digital and print video game publication.
General information about GameStop Corp. can be obtained from 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) 424-2001
[email protected]
For media:
Lex Suvanto, [email protected]
Patrick Ryan: [email protected]