GameStop CEO to step aside at shareholder meeting

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GameStop CEO to step aside at shareholder meeting

With GameStop shares up more than 1,492% that year alone investors are busy for the day.

The company is set to hold its annual shareholder meeting and the video game retailer will also release its first quarter earnings after the bell on Wednesday.

The shareholders meeting is expected to take place on 11 : 00 am eastern time with CEO George Sherman attending the meeting in person while the rest of the board of directors will attend virtually.

GamingStop has announced that Ryan Cohen is founder Ryan Cohen, who joined the board of Directors in January following a massive, Reddit Short Snub fueled investor short squeeze that have sent its shares soaring over 1,492 this yeae will become chairman at the shareholder meeting's conclusion.

Cohen's investment firm, RC Ventures, amassed an initial stake in GameStop earlier this year with the aim of transforming the company into a major e-commerce player that sells a wide variety of merchandise with fast shipping.

The Cohen cleaned house during his time with GameStop, with Sherman, Chief Financial Officer Frank Hamlin and Chief Customer Officer Jim Bell all announced that they would step aside from their positions. Members of the board of directors including Nintendo - executive Kurtis J. Wolf, former Activision Publishing president Reginald Fils-Aim and Hestia Capital founder and Chief Investment Officer Kurtis Vrabeck have also announced departure plans.

Cohen has been building up the incoming GameStop leadership team with executives whose primary focus has been on the e-commerce space, including Amazon veterans Matt Francis, Jenna Owens and Elliott Wilke. They will serve as GameStop's Chief Growth Officer, Operating Officer and first Chief Technology Officer, respectively.

Following the shareholder meeting, GameStop will release its first quarter results for 2021 after the bell Wednesday.

In April, the company reported global sales growth of approximately 11% for the first nine weeks of 2021 in December 2001. The sales increased the year over year for the four week period ending February 27 and approximately 18% year over year for the five week period ending April 2.

The company noted ongoing government restrictions in response to COVID-19 pandemic limited operations during the quarter, primarily in Europe. GameStop says it operated with an estimated 13% decline of the base rate due to its strategic store optimization efforts.

Zacks Research estimates GameStop's first quarter revenues will increase to $1.17 million year over year, with an estimated loss of 56 cents per share. At 5pm to discuss the quarterly earnings of GameStop executives, gamestop executives will hold a company earnings call at 3 p.m. to discuss the results.

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