Bloomberg reports that GameStop Corp has tapped shareholder Ryan Cohen to lead the company’s transition to an e-commerce business.
The report sent the video game retailer’s shares up 13% on Monday.
Cohen, a board member who has been pushing the company to move away from its traditional brick-and-mortar model, will chair a new board committee.
The committee will look to hire executives to lead its customer care and e-commerce fulfillment centers, as well as finding a new chief financial officer with technology and e-commerce experience, according to the report.
Last week, Cohen, who is a major shareholder of GameStop and founder of e-commerce firm Chewy.com, posted a cryptic tweet of an ice-cream cone, with analysts speculating on whether that was a trigger for GameStop’s most recent rally.
Cohen’s RC Ventures activist firm reached a settlement with GameStop in January, giving Cohen seats on the company’s board.
The company’s stock surged more than 1,600% in January after a wave of buying forced investors betting against the company’s shares to unwind their positions, before paring most of those gains the following month.
Shares were up almost 14% at $156.51 before the opening bell.