GameStop shares rise over plan to replace chairman with Ryan Cohen

GameStop Corp. climbed after saying it intends to elect Ryan Cohen as its next chairman, cementing the activist investor’s influence at the video-game retailer.
 

Kurtis Wolf resigned effective April 5, GameStop said in a filing Thursday. The company said the resignation didn’t result from a disagreement over operations, policies or practices.

Cohen will stand for election at the annual meeting on June 9, GameStop said in a statement. It plans to pay all directors entirely in equity, while reducing individual directors’ compensation by about 28%.

GameStop shares rose as much as 4.8% to $186.49 in New