June 21, 2021
GameStop, the world’s largest video game retailer, June 21 announced the appointment of new CEO Matt Furlong to its board of directors, effective immediately. The appointment date aligns with Furlong’s start date as new chief executive officer. Coinciding with Furlong’s appointment, outgoing CEO George Sherman has retired from the board. Five of the six members of the Board remain independent.
Furlong, a former Amazon executive, was hired as part of new chairman Ryan Cohen’s initiative to expand e-commerce initiatives.
Cohen, who launched online pet supply service Chewy.com, is a favorite among independent day traders and investors. His involvement in GameStop contributed to the company’s shares becoming a social media trading meme. Shares opened June 21 above $220 per share, compared with a 52-week low of $3.77 per share. How much of that valuation is actually based on company financials is anyone’s guess.