GameStop stock rallies after plans to name Ryan Cohen as chairman

Shares of GameStop Corp. rallied 3.3% in premarket trading Thursday, putting them on track to snap a three-day losing streak, after the videogame and consumer electronics retailer said it plans to name Ryan Cohen as chairman of the board. Kathy Vrabeck is currently board chair. The company said it will name Cohen chairman after the annual meeting of shareholders scheduled for June 9. Chewy Inc. co-founder Cohen, who is also manager of activist investor RC Ventures, was added to the board earlier this year, and currently chairs a strategy committee formed last month to identify ways to accelerate GameStop’s transformation. The so-called meme stock, which had lost 7.0% over the past three sessions, has rocketed 844.6% year to date through Wednesday, while the S&P 500 has gained 8.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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