GameStop intends to elect Ryan Cohen as chairman

Shares were up 845% year to date

GameStop Corp. plans to elect activist investor Ryan Cohen as board chairman, the company said Thursday.

Cohen, who is the co-founder of online pet supply retailer Chewy, joined GameStop’s board in January and has been instrumental in leading a shift in the video-game retailer’s business model to one based on e-commerce and fast shipping. 

Shares of the Grapevine, Texas-based company climbed more than 4% on the news before paring their gains. 

Ticker Security Last Change Change %
GME GAMESTOP 151.17 -7.34 -4.63%

The company announced a total of six individuals who will stand for election at its June 9 annual shareholder meeting. 

That list includes Larry Cheng, managing partner of investment firm Volition Capital, who was the first investor in Chewy, and Yang Xu, a vice president at The Kraft Heinz Company. 

GameStop last week announced it would sell up to 3.5 million shares in order to accelerate its e-commerce shift and to strengthen its balance sheet. The share-sale would raise about $700 million at current levels.

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Shares were up 845% this year through Wednesday.