GameStop's army of Reddit retailers is thrilled to hear that Ryan Cohen has been named chairman of the brick and mortar video game retailer to cement the power of executive that is seen as critical to the hoped-for turnaround of individual investors.
Cohen, who retailers respectfully on social media, was seen as some sort of messiah in blue jeans in the midst of the crusade to spread the value of GameStop
Stocks to the moon as underfoot pushing the hedge funds that tried to bet against GameStop's stocks.
Cohen, 35, will succeed Kathy Vrabeck on June 9, the date of the company's annual general meeting.
Thursday's message boards were lit, reflecting the exuberance of the Reddit crowd:
"PRESIDENT COHEN!" posted multiple users on Reddit Board R / Superstonk, the news, followed by rocket emojis, signaling their belief that Cohen's new role will take GameStop stocks "to the moon".
For retailers on social media, Cohen's leadership promises bigger changes for the company.
"DADDY CHAIR COHEN," wrote one Reddit user.
Cohen seemed to appreciate that feeling and tweeted a photoshopped picture of himself as an armchair, created earlier in the day by Reddit user "ButtFarm69":
Cohen joined GameStop's board earlier this year and immediately advocated a transition to digital distribution – an effort he is currently leading. His pedigree as a co-founder of Chewy Inc.
is part of the reason why it has drawn such enthusiasm from individual investors. According to public records, he recently announced a 12.9% stake in GameStop through his personal investment arm RC Ventures LLC.
Cohen's stake in GameStop also caught the attention of social media stock guru Keith Gill –aka Roaring Kitty, aka DeepFuckingValue – who posted a bullish and Cohen-centric investment thesis on GameStop that caught the eye and played a key role in the manic short squeeze played in January The number of GameStop stocks rose more than 1,600% in just a few days.
Despite the stock's return to Earth, Cohen appears to have kept his promise to give GameStop's leadership a makeover. In addition to establishing a strategy committee formed last month to identify ways to accelerate GameStop's transformation, the company has also brought in senior executives from Chewy and Amazon and announced the resignation of its CFO and chief customer officer.
When Cohen tweeted a picture of his late father with the phrase "Superman lives forever" on March 17, Cohen received nearly 1,000 replies from users – many of them downright GameStop cops – and offered his condolences, some even speculating that the tweet would skyrocket the stock.
But while Cohen's upcoming reign has wowed the GameStop bulls, the stock traded 1.4% lower on Thursday and has fallen over 8% so far this week.
Some die-hard GameStop enthusiasts dreamed of the possibility of expanding the ranks of retailer: Gill even more radically. This is despite the fact that Roaring Kitty has no experience running a billion dollar company.