Ryan Cohen, Alan Attal and Kurt Wolf will spearhead a transition that seeks a transition to the technological and digital business model. New committee.
The North American video game chain GameStop is preparing for a total transformation in its business model as a company. After several years experiencing financial problems and an incessant drop in the stock market until the end of last year, on the verge of bankruptcy, when the Reddit phenomenon happened, the company has announced that its executive board has convened a new committee to identify the formulas that accelerate that transformation.
Ryan Cohen, Alan Attal and Kurt Wolf will be primarily responsible for planning the strategy (Cohen) and capital allocation (Attal and Wolf) with immediate effect, GameStop itself has communicated in an official statement.
“The committee will continue to focus on identifying actions that can transform GameStop into a technology business and help create lasting value for shareholders.” The information was released shortly after it was learned that Jim Bell, executive vice president and CFO, will be leaving GameStop on March 26. Diana Jajeg, Senior Vice President and Chief Accounting Officer, will be the new CFO in an interim capacity.
The members of the new committee will be in charge of evaluating all the operational objectives of the firm to save all possible costs and increase, at the same time, the number of services offered. Converting GameStop to e-commerce is what analysts consider most appropriate; adapt to selling over the Internet to be a direct competitor of giants like Amazon.
GameStop on the stock market after the close of March 8 | MarketWatch
GameStop grows on the stock market: $ 193.70 per share
All in all, shareholders positively value these changes and the trend that GameStop may experience between now and the next few months. In fact, so far in 2021 it has grown exponentially in the stock market. In January 2021 it was at $ 18 a share; it is at $ 193.70 at the time of writing. Still, far from the $ 347 peak after what happened to short bettors and Reddit foreros.
