U.S. Markets Post Fourth Straight Weekly Loss Amid Middle East Escalation 
J.P. Morgan Now Expects Two ECB Rate Hikes Amid Inflation Pressures 
Iran War Fears Send Oil Prices Surging as U.S. Weighs Ground Troop Deployment 
Xiaomi Shares Drop After SU7 Launch as Margin Concerns Weigh on Investors 
Asian Markets Mixed as Oil Volatility and Inflation Fears Weigh on Sentiment 
Paraguay Central Bank Holds Interest Rate at 5.5% Amid Slowing Growth 
Iran-U.S. War Sends Dollar Higher as Middle East Tensions Escalate 
Trump Signals End of U.S. Military Campaign Against Iran as Markets Rally 
Elliott Investment Management Takes Multibillion-Dollar Stake in Synopsys 
Gold Prices Drop Amid Inflation Fears and U.S.-Iran Escalation 
Federal Reserve Crisis: DOJ Standoff Threatens Powell's Succession and Rate Stability 
Tesla Eyes $2.9 Billion in Chinese Solar Equipment to Power 100 GW U.S. Manufacturing Push 
HSBC Considers Cutting 20,000 Jobs Amid AI-Driven Transformation 
Amazon's "Transformer" Phone: Can It Succeed Where Fire Phone Failed? 
Trump Issues 48-Hour Ultimatum to Iran Over Strait of Hormuz, Threatens Power Grid Strikes 
Gold Prices Extend Losing Streak, On Track for Worst Weekly Loss Since 1983 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
GameStop Corp. named Ryan Cohen as its new chief executive officer, and his appointment is taking effect immediately. The billionaire who founded Chewy, an e-commerce firm, has been promoted to the chief position in the company’s push for a turnaround.
Cohen holds a stake in GameStop, and he acquired this in 2020. The following year, he joined the video game and consumer electronics retailer board. Now, the company has not made big improvements since then, and in fact, in its second-quarter financial reports earlier this month, it posted just a smaller loss compared to the previous year and a slight revenue increase.
“GameStop Corp. today disclosed that its Board of Directors has elected Ryan Cohen as President and Chief Executive Officer, effective immediately,” the retailer stated in a short announcement. “Mr. Cohen will not receive compensation for serving as the Company’s President, Chief Executive Officer and Chairman.”
No Compensation for the New CEO
CNBC reported that GameStop said its new CEO will not be compensated for his work even if he now holds three roles in the company. The firm did not provide other information about this “no salary” agreement with Cohen.
His appointment comes over three months since former CEO Matthew Furlong was ousted. Cohen became the executive chairman after the company fired him.
Ryan Cohen to Take Big Steps to Revive GameStop
A few hours after his appointment, Cohen released a memo to employees outlining some steps he would take to revive GameStop and ensure it would survive. At one point, he told them that “extreme frugality” is needed for survival in the business.
“Our job is to make sure GameStop is here for decades to come,” part of his note to employees and executives, which CNBC has obtained. “Extreme frugality is required. Every expense at the company must be scrutinized under a microscope and all waste eliminated. The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example.”
Photo by: Clay Banks/Unsplash
