American video game and gaming merchandise retailer GameStop recently announced Ryan Cohen as the company’s President and Chief Executive Officer. The company said in a press release that he would not receive any compensation.
In his first email as CEO, titled “Survival,” Mr. Cohen told employees he would ensure the struggling video game retailer survives. “Our job is to ensure that GameStop will be around for decades to come,” he wrote in the received email. Through CNBC. “Extreme frugality is required. Every expense within the company must be examined under a microscope and all waste must be eliminated. The company has no need for delegators and money wasters. I expect everyone to treat company money as their own and lead by example gives,” he says. added.
“Prospering in retail means surviving. If we survive, we stay in the game. Survival is avoiding the deadly sins that often lead retailers to self-destruction. This is usually a result of the following: buying bad inventory, using of leverage and running costs are too high. By avoiding these self-inflicted mistakes and focusing on the basics, GameStop can be here for a long time. I expect everyone to roll up their sleeves and work hard. I get “I don’t get paid, so I don’t get paid either. Go down with the ship or turn the company around. I prefer the latter,” he concluded.
According to the outlet, the company’s new CEO was previously executive chairman of GameStop. His company, RC Ventures, was the company’s largest shareholder at the end of June with a 12.09 percent stake.
Mr. Cohen replaces former Amazon CEO Matt Furlong as GameStop’s third CEO in the past two years. Since the mid-2010s, when Internet gaming and video game sales began growing faster than brick-and-mortar video game stores, GameStop has encountered problems and investors have pinned their hopes for a turnaround on Cohen’s plan. Forbes.