GameStop Corp. (GME) on June 12 reported preliminary voting results from the 2020 Annual Meeting of Stockholders. The results show that two nominees from dissident shareholders have been elected as members of the board.
Based on the preliminary results, the ten directors that will serve as members of the Board of Directors until the next annual meeting of stockholders will include Hestia Capital Partners, LP’s and Permit Capital Enterprise Fund, LP’s nominees Kurtis Wolf and Paul Evans. The two firms own approximately 7.3% of the outstanding shares of GameStop Corp.
Based on the preliminary results, the nominees elected to the Board were Lizabeth Dunn, Paul Evans, Raul J. Fernandez, Reginald Fils-Aimé, George E. Sherman, William Simon, James Symancyk, Carrie W. Teffner, Kathy P. Vrabeck, and Kurtis Wolf. As previously announced, Vrabeck, formerly the Board’s Lead Independent Director, will serve as Chair of the Board. Daniel A. DeMatteo, Gerald Szczepanski, Larry S. Zilavy and Steven R. Koonin retired from the Board and did not stand for re-election at the Meeting, reducing the Board to 10 members.
Wolf, managing member of the General Partner of Hestia, said: “Paul and I are 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.
GameStop is a unique player in the gaming industry, and we are excited to be a part of the Company’s next generation of leadership. We are optimistic that the newly reconstituted Board has the right mix of people and skills to unlock GameStop’s significant latent value. We hope that all stakeholders, particularly the Company’s critically valuable customer-facing employees, can feel confident that GameStop’s best days are ahead of it.”
“We welcome Mr. Wolf and Mr. Evans to the Board, and look forward to working together to deliver value to all GameStop stockholders. I would like to thank Jerome Davis and Thomas Kelly for their years of Board service. I would also like to thank Daniel DeMatteo for his years of service as Executive Chairman, former CEO and co-founder. Dan’s passion for our business inspired us to grow from a small software retailer to the world’s largest video game omni-channel retailer offering the best selection of new and pre-owned video gaming consoles, accessories and video game titles, in both physical and digital formats,” said Kathy Vrabeck, Chair of the Board.