GameStop Corp. reset its leadership team as the videogame retailer seeks to leverage its recent popularity with investors to reverse years of deteriorating sales and strategic missteps.
The company named two Amazon.com Inc. veterans as its chief executive and chief financial officer, and shareholders voted Ryan Cohen as chairman, cementing his oversight of a company at the center of a monthslong, social-media fueled trading frenzy that has drawn the curiosity of individual investors, Wall Street firm and regulators.
Mr. Cohen stated that GameStop has a lot of work to do to turn itself around and doesn’t plan on telegraphing its strategy to competitors. “You won’t find us talking a big game,” stated Mr. Cohen, speaking casually to an audience gathered at the company’s Texas campus and others who dialed in. The shareholder meeting was closed to the media. The Wall Street Journal was told of his comments from those in his presence.
The appointments, which also arrived as the company reported stronger-than-expected sales in the most recent quarter, mark a new strategic direction. Mr. Cohen, the co-founder of online pet supplies retailer Chewy Inc., has spent seven months pushing for GameStop to move at a faster pace into e-commerce and away from its limited roots, among other initiatives.