Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
U.S. Stock Futures Slip After CPI-Fueled Rally as Markets Weigh Economic Uncertainty 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
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
