GameStop shares rose 3% in pre-market

GameStop shares rose 3% in pre-market,which Intends To Elect Ryan Cohen As Chairman.

GRAPEVINE, Texas, April 08, 2021, GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it is nominating the following six individuals to stand for election to its Board of Directors (the “Board”) at the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) on June 9, 2021: Alan Attal, Larry Cheng, Ryan Cohen, Jim Grube, George Sherman and Yang Xu.

The Company also shared updates that include:

• Following the Annual Meeting, the Board intends to elect Mr. Cohen as Chairman;
• Following the Annual Meeting, all directors will be compensated 100% in equity;
• Following the Annual Meeting, individual director compensation will be reduced approximately 28% from the prior year, and
• Effective immediately, the Board has appointed Mr. Grube to serve on the Strategic Planning and Capital Allocation Committee.

New Director Candidate Biographies

Larry Chengis Co-Founder and Managing Partner of Volition Capital, a leading growth equity investment firm based in Boston, Massachusetts and the first investor in Chewy. He has more than two decades of venture capital and growth equity investing experience based on time at Volition Capital, Fidelity Ventures, Battery Ventures, and Bessemer Venture Partners. He presently leads the Internet and Consumer team at Volition, focusing on disruptive companies in e-commerce, internet services, consumer brands, and digital media and gaming. He received his bachelor's degree from Harvard College where he concentrated in Psychology.

Yang Xuis Senior Vice President of Global Finance and Treasury at The Kraft Heinz Company. She has more than 20 years of broad experience across the capital markets, finance, strategic planning, transactions and business operations in the U.S., Asia and Europe. Prior to The Kraft Heinz Company, she held roles with Whirlpool Corporation and General Electric Healthcare. She has a bachelor’s degree in Finance from Wuhan University, a master’s degree in management from the HEC School of Management and a master’s in business administration from the London Business School.