GameStop shares rise after retailer faucets Ryan Cohen to guide ecommerce transfer

A man is on the phone in front of GameStop on 6th Avenue in New York on February 25, 2021.

John Smith | Corbis News | Getty Images

GameStop’s shares rose 10% in premarket trading after the company announced on Monday that it had won Chewy founder Ryan Cohen to make the move to e-commerce.

Cohen will serve as chair of a special committee formed by the GameStop board of directors to help transform it. Board members Alan Attal, Chewy’s former top operations manager, and Kurt Wolf, Hestia Capital Management’s chief investment officer, will also be represented on the committee.

Cohen invested in GameStop last year to help the company accelerate its online push.

GameStop’s shares are up more than 700% so far this year.

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