GameStop Corp (GME  ) has elected Ryan Cohen as President and Chief Executive Officer, effective immediately.

Mr. Cohen will not receive compensation for serving as the Company's President, Chief Executive Officer and Chairman.

In June, Ryan Cohen was elected as the company's executive chairman. Cohen's duties will include "capital allocation and overseeing management."

Cohen had the previous title of chairman of GameStop. The activist investor took a 9% stake in the company, which was disclosed in August 2020. He later increased the stake to 13% in late 2020.

GameStop is another name involved in the meme stock rally. Interest in GameStop began to grow towards the end of 2020, and it gained significant momentum in January 2021, resulting in a dramatic increase in its stock price.

The retail investors challenged hedge funds that had taken short positions on GameStop, ultimately leading to a highly publicized short squeeze.

However, like other meme stocks, GameStop's meteoric ascent was short-lived. Subsequently, the stock has given up a substantial portion of its gains from January 2021.

Cohen has been instrumental in the company's turnaround. In a tweet, he commented that the company is fraught with problems and its high-paid executives have had no accountability.

In July, GameStop's Chief Financial Officer Diana Saadeh-Jajeh resigned after serving as CFO since July 2022.

Price Action: GME shares are up 6.59% at $18.27 during the premarket session on the last check Thursday.