GameStop fired its chief executive on Wednesday and said that its board had elected Ryan Cohen as its executive chairman, effective immediately.
The announcement came ahead of GameStop’s quarterly results. In a statement, the company said: “Mr. Cohen’s responsibilities include capital allocation and overseeing management. In conjunction, the company’s former CEO has been terminated.”Popular videogames, such as “The Legend of Zelda: Tears of the Kingdom” and “Hogwarts Legacy,” seem likely to help GameStop’s sales. And the company has cut costs to improve profitability.
The company reported a profit in the prior quarter, helped by holiday-season demand. Still, the two analysts polled by FactSet don’t expect another profitable quarter until this year’s holiday quarter. Wedbush analyst Michael Pachter, in a note last week, noted that broader challenges for the retailer include “a shift towards digital, mobile, and subscription software .”
GameStop shares are down 29% over the past 12 months. By comparison, the S&P 500 Index SPX, -0.38% is up 2.7% over that period.
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