Eight members of GameStop’s board of directors will leave the company after the game retailer’s annual meeting in June, according to a new document.
Why does it matter: The “significant changes” will ensure an almost complete transformation of the leadership of the board of a company that is on a stock market roller coaster. He also says that new board members, led by Chewy co-founder Ryan Cohen, will map the company’s future.
The planned outputs, first reported by the Wall Street Journal, includes Reggie Fils-Aimé, who was appointed to the board last March and who had already become a celebrity in the gaming industry as the longtime president of Nintendo’s American division.
- Kathy Vrabeck, a former Activision executive, is also leaving. His exit plan was announced in January.
- This will leave the board with much less experience in the gaming industry.
Between the lines: Cohen has called for a restructuring of the company since the end of last year, pushing for a shift to digital sales.
- In early March, GameStop announced that Cohen would chair a “strategic planning and capital allocation committee” to discover the company’s future. None of the eight members of the exit council were on it.