GameStop (GME) CEO Ryan Cohen's opening remarks from the 2024 Annual Meeting of Stockholders

This week, GameStop officially ran its 2024 Annual Meeting of Stockholders. It came after a somewhat disastrous attempt late last week that saw the meeting delayed, but today, the GameStop Board of Directors came through, albeit a few minutes behind schedule. Nonetheless, CEO Ryan Cohen was in attendance for the meeting and delivered the opening remarks to kick things off. Read what he had to say in his opening statement here.

GameStop (GME) CEO Ryan Cohen's opening remarks from the 2024 Annual Meeting of Stockholders

GameStop (GME) stock as of June 17, 2024, at 1:25 p.m. ET
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The GameStop (GME) 2024 Annual Meeting of Stockholders took place on June 17, 2024, and was hosted on a livestream event. Ryan Cohen’s opening statement is as follows:

Thanks, Mark. Hi everyone. I want to take a moment and discuss the retail business and the future of GameStop. With respect to retail operations, we plan to continue reducing costs and focusing on profitability. Revenues without profits and prospects of future cashflows are of no value to shareholders. This means a smaller network of stores with an expanded assortment of high-value items that fit into our trade-in model.

Having a strong balance sheet, especially in times of economic uncertainty, is a strategic advantage. While the future is always uncertain, the last decade's monetary and fiscal policies both within the U.S. and globally are historic anomalies. Exiting from an ultra-low interest rate environment is likely to have unforeseen reverberating effects across the economy as seen with inflation hitting 40-year highs in 2022. Under the current interest rates, an investment made in today's economic climate must bear a higher return threshold.

As my father always said "actions speak louder than words." We're focused on building shareholder value over the long-term. We're not here to make promises or hype things up, we're here to work. Thank you for being a shareholder.

That covers the entirety of Ryan Cohen’s opening comments at the GameStop 2024 Annual Meeting of Stockholders. For more news and updates, be sure to follow our GameStop and GME topics.