GameStop’s army of Reddit merchants are ecstatic with the news that Ryan Cohen has been nominated president of the traditional video game retailer, cementing the power for the executive that is seen as crucial to the expected shift by individual investors. Cohen, whom social media retailers treat with reverence, has been seen as something of a messiah in bluejeans amid the crusade to send GameStop GME’s value, -2.45% shares to the moon, while squeezing a the hedge funds that have tried to bet against the GameStop stock.
Cohen, 35, will succeed Kathy Vrabeck on June 9, the date of the company’s annual meeting. Thursday’s message boards lit up, reflecting the exuberance of the Reddit crowd: “PRESIDENT COHEN!” posted several users on the Reddit r / Superstonk board, with those posts followed by rocket emojis signifying their belief that Cohen’s new role will take GameStop stock “to the moon.” For retailers on social media, Cohen’s leadership role promises greater change for the company. “DADDY CHAIR COHEN” posted a Reddit user. Cohen seemed to appreciate that sentiment, tweeting a retouched image of himself as an armchair: Cohen joined the GameStop board earlier this year and immediately began advocating for a transition to digital sales, an effort that he is currently leading. His pedigree as a co-founder of Chewy Inc. CHWY, -0.47% is part of the reason he’s attracted so much enthusiasm from individual investors. It recently revealed a 12.9% stake in GameStop through its personal investment arm RC Ventures LLC, according to public documents. Cohen’s involvement with GameStop also caught the attention of social media stock guru Keith Gill AKA Roaring Kitty AKA DeepFuckingValue who published an upbeat, Cohen-centric investment thesis on GameStop that drew attention. and it played a key role in the short, manic January squeeze that sent GameStop shares more than 1,600% in a matter of days. Despite the shares returning to Earth, Cohen appears to have kept his promise to renew GameStop’s leadership. In addition to creating a strategy committee, formed last month to identify ways to accelerate GameStop’s transformation, the company has also hired senior executives from Chewy and Amazon, and announced the departure of its chief financial officer and chief customer officer. When Cohen tweeted a photo of his late father with the phrase “Superman lives forever” on March 17, he received nearly 1,000 responses from users, many of them outspoken GameStop bulls, offering condolences, and some even speculating that the tweet would increase. . the action. But while Cohen’s upcoming reign has excited GameStop bulls, the stock was trading 1.4% lower on Thursday and is down more than 8% so far this week. Some enthusiastic GameStop enthusiasts fantasized about the possibility of an even more radical addition to the retailer’s ranks: Gill. That’s despite the fact that Roaring Kitty has no prior experience running a billion dollar corporation.