GameStop Corp. (NYSE: GME) reported an agreement with RC Ventures LLC to advance the change of the Company’s Board of directors. RC Ventures is one of the company’s largest stockholders, managed by Ryan Cohen. The agreement appoints three new directors, Alan Attal, Jim Grube and Ryan Cohen which will all stand to vote on GameStop’s nine-member slate at the Company’s 2021 Annual Meeting of Stockholders. The meeting is anticipated to take place in June 2021. The three new directors will integrate expertise in online marketing, finance, strategic planning and e-commerce to GameStop.
GameStop’s Board of directors will expand from 10 members to 13 members effective immediately. Four members, Lizabeth Dunn, James Symancyk, Kathy Vrabeck and Raul Fernandez have informed the board that they will not stand for reelecting at the Annual Meeting, dropping the Board members to nine members following the Annual Meeting.
Ms. Vrabeck, Chair of the Board, commented: “We are pleased to welcome Ryan, Alan and Jim to the Board and look forward to working with them to pursue long-term value creation. Their substantial e-commerce and technology expertise will help us accelerate our transformation plans and fully capture the significant growth opportunities ahead for GameStop.”
Mr. Cohen said, “We are excited to bring our customer-obsessed mindset and technology experience to GameStop and its strategic assets. We believe the Company can enhance stockholder value by expanding the ways in which it delights customers and by becoming the ultimate destination for gamers. Alan, Jim and I are committed to working alongside our fellow directors and the management team to continue to transform GameStop. In addition, we intend to bring additional ownership perspectives to the boardroom.”
George Sherman, GameStop’s Chief Executive Officer, said, “We appreciate the constructive dialogue we have had with Ryan over the past several months. Together, we have reached an outcome that is in the best interest of all stockholders and can enable GameStop to accelerate efforts to deliver enhanced value for the Company. GameStop is in a solid market position with substantial room to run. We are leveraging our omni-channel capabilities, increasing our e-commerce sales and demonstrating our unique ability to serve our customers, wherever, whenever and however they choose to shop and experience gaming. In addition, we have delivered strong progress optimizing our business through a purposeful focus on efficiently managing our expenses, stores and inventory. We are confident that GameStop will continue to accelerate its progress and transformation in the quarters to come.”