GameStop appoints Chewy founder Ryan Cohen as chief executive

GameStop has appointed Chewy founder Ryan Cohen as its CEO in a bid to overhaul its ailing business. 

Cohen is the video game retailer’s largest individual investor and serves as Chairman of its board. His appointment comes just two months after GameStop executives ousted their former CEO Matthew Furlong, who joined the retailer’s executive ranks to oversee its turnaround two years ago. 

GameStop, whose meme stock generated buzz on Wall Street, has struggled with poor sales and executive turnover as video game streaming and digital game downloads eat at its profits. The mostly brick-and-mortar chain also faces competition from online retailers, such as Amazon. 

Cohen will retain his position on the company’s board, in addition to helming its C-suite, the company said in a statement. The billionaire will not receive compensation for serving as the company’s president, CEO and chairman, the statement shows.

Shares of Gamestop Corp. spiked 10% Thursday before the opening bell.

The Associated Press contributed reporting.