September 28, 2023 GRAPEVINE, Texas, Sept. 28, 2023 (GLOBE NEWSWIRE) – GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today disclosed that its Board of Directors has elected Ryan Cohen as President and Chief Executive Officer, effective immediately. Mr. Cohen will not receive compensation for serving as the Company’s President, Chief Executive Officer and Chairman.
RC rolling up his sleeves.
Oh, boy, guys I didn’t expect to see y’all over here. I knew the vote was talked about, but reading it. Is something else entirely.
See, the Major individual share holder, being the chairman, gives him the ability to recommens his employees - the executives. The executives jobs are to make the board money. But now, Mr. Cohen is the Able to directly make changes to usher in profits on his own behalf.
Gamestop has essentially undergone a “adversarial recovery.” Hes undone the possibility of a hostile takeover, as he wants his billions to make billions.
Gamestop has essentially undergone a "adversarial recovery."Have been OOTL for a while, something happened?
Ok but was something wrong with Matt is what I meant?
at this point I think it is inconclusive.
It’s possible that there was in fact a problem with Matt. RC has made commentary about overpaid CEOs / executives in the past.
Some people speculate that Matt Furlong still has a role to play in this saga, though there isn’t necessarily strong evidence for that.
His pay was public wasn’t it?
Yes. his salary was $200k per year, plus stock options worth multiple millions.
Oh I thought all c-suits were paid in stocks options only (it’s really been a while 😂)
My opinion: what was wrong with Matt Furlong was that he lost $50 million.
“GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. […] GameStop (GME) also reported a net loss of $50.5 million […] The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years.”
https://www.cnn.com/2023/06/07/business/gamestop-fires-ceo/index.html