GameStop names Ryan Cohen as CEO effective immediately

GameStop Chairman Ryan Cohen.

Source: CNBC

GameStop said Thursday morning that billionaire activist investor Ryan Cohen would take over as the video game retailer’s chief executive.

Shares of the company jumped nearly 10% in premarket trading following the announcement.

GameStop said Cohen wouldn’t receive any compensation for his work as the company’s CEO, president and executive chairman.

The move comes more than three months after GameStop fired CEO Matthew Furlong while making Cohen executive chairman. GameStop didn’t give a reason for the firing at the time.

Earlier this month, the company reported its second quarter financial results, posting a narrower loss than it did a year ago, as well as a slight increase in revenue.

Read the release here.

This is breaking news. Please check back for updates.

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