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Activist Investor Candidates Win GameStop Board Seats

Last month we learned that both Permit Capital and Hestia led a capital fund to make some major change to GameStop’s board of directors in a campaign they called Restore GameStop. Now thanks to a new article by The Motley Fool, we have learned that both Kurtis Wolf and Paul Evans have been voted by stockholders as the newest members of the GameStop board.

Wolf, the founder of Hestia Capital Partners, said that both he and Evans were”excited to work with our fellow Directors to address stockholder concerns by reducing corporate costs, improving capital allocation, fixing corporate governance issues, and better aligning compensation.”

Despite seeing a 519% increase in online sales during Q1 2020, the company posted a net loss of $103.9 million. It’s also unknown how the company’s current turnaround plan will be effected.

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