Video game retailer and meme stock GameStop Corp. (NYSE: GME) is strengthening its executive leadership team.
What Happened: GameStop said Tuesday it has appointed Amazon.com, Inc. (NASDAQ: AMZN) executive Elliott Wilke to the role of chief growth officer effective April 5.
In the role, Wilke will oversee growth strategies and marketing in a bid to increase customer loyalty. He will also work with other leaders on initiatives that include expanding the use of customer insights and metrics to optimize channel marketing.
At Amazon, Wilke worked for seven years in varied senior roles across segments such as Amazon Fresh, Prime Pantry and Worldwide Private Brands.
GameStop also announced the appointment of Andrea Wolfe as VP of brand development and Tom Petersen as VP of merchandising.
Related Link: GameStop Is Losing Its ‘Stimmy’ Support, Analyst Says
Why It’s Important: GameStop shares received a shot in the arm from the WallStreetBets phenomena and hit a record high of $483 in late January.
Just when the euphoria faded and the stock began to lose its momentum, the company yielded to pressure from Chewy, Inc. (NYSE: CHWY) founder Ryan Cohen’s RC Ventures, which picked up a substantial stake in the company. Cohen began to demand changes and a business transformation to an e-commerce company.
In early March, the company set up a committee under Cohen to assist with the transformation. Since then, the company has made a slew of appointments, and today’s high-profile hire is in line with the company’s resolve to turn around its business.
GME Price Action: At last check, GameStop shares were gaining 2.71% to $186.
Related Link: GameStop Board To See Mass Departure Amid Reboot Led By Chewy Fame’s Ryan Cohen
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