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Sept. 28 (UPI) -- GameStop announced on Thursday it has named billionaire activist investor Ryan Cohen as president and CEO, ending a three-month search after the firing of Matthew Furlong. The gaming company said that Cohen would take control of the day-to-day operations immediately after being approved by its board of directors and would not receive compensation.
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Cohen, the founder of the online pet food website Chewy, had been serving as executive chairman of GameStop's board of directors but stepped down from the title after being named as president and CEO, according to Gamestop's filing with the Securities and Exchange Commission.
"There are no other arrangements between Mr. Cohen and any other person pursuant to which he was selected as an officer, nor are there any transactions to which the company is or was a participant and in which Mr. Cohen has a material interest subject to disclosure under Item 404(a) of Regulation S-K," GameStop told the SEC.
Cohen replaces Mark Robinson who has served as president in the interim. Robinson will return to his role as general counsel.
The firing of Furlong came less than a year after GameStop replaced its chief financial officer and underwent a round of layoffs.
