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Key Takeaways
- Activist investor and founder of online pet retailer Chewy, Ryan Cohen, will be stepping down as chairman of Gamestop and stepping in as CEO
- The change in leadership comes after the company sacked their previous CEO back in June with no immediate replacement
- Cohen takes the reigns as Gamestop are still trying to find their place in the market after the frenzy of the short squeeze mania
Ryan Cohen is a name that has been associated with Gamestop for a number of years now. Of course anyone with even a passing interest in finance will remember the absolute frenzy of the Gamestop short squeeze saga back in 2021, and the whole event has now been made into a Hollywood movie starring Pete Davidson, Shailene Woodley, Paul Dano and Seth Rogen.
The central character to all this was a (then anonymous) Redditor called Keith Gill, who’s research and conviction on Gamestop galvanized an army of r/WallStreetBets retail traders to take on the institutional short positions.
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