GameStop Announces Additional Board Refreshment to Accelerate Transformation
Aligns with Ryan Cohen of RC Ventures on the Immediate Appointment of Three New Directors with Significant E-Commerce and Technology Experience
Confirms the Board’s Commitment to Supporting GameStop’s Pursuit of Growth and Market Leadership
GRAPEVINE, Texas, Jan. 11, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has entered into an agreement with RC Ventures LLC (“RC Ventures”) that will advance the refreshment of the Company’s Board of Directors (the “Board”). RC Ventures, which is one of the Company’s largest stockholders, is managed by Ryan Cohen. The agreement provides for the immediate appointment of three new directors – Alan Attal, Ryan Cohen and Jim Grube – who will also stand for election on GameStop’s nine-member slate at the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”), which is expected to take place in June 2021.
The three new directors collectively bring deep expertise in e-commerce, online marketing, finance and strategic planning to GameStop. These skillsets will support the Company’s continued focus on optimizing core operations and creating a powerful and exciting ecosystem for games and entertainment.
Effective immediately and through the Annual Meeting, GameStop’s Board of Directors will expand from 10 members to 13 members. Lizabeth Dunn, Raul Fernandez, James K. Symancyk and Kathy Vrabeck have each informed the Board that they do not intend to stand for reelection at the Annual Meeting. As such, the Board will be reduced to nine members following the Annual Meeting.
The Company’s anticipated slate of director nominees for the Annual Meeting includes the following nine individuals: Alan Attal, Ryan Cohen, Paul Evans, Reginald Fils-Aimé, Jim Grube, George Sherman, William Simon, Carrie Teffner and Kurt Wolf.
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.”