×
You will be redirected back to your article in seconds

GameStop Stockholder Hestia Capital Pushes for Four Board of Directors Seats

GameStop Corp. confirmed that major stockholder Hestia Capital Partners LP intends to nominate four individuals for election to the company’s Board of Directors at its 2019 Annual Meeting of Stockholders.

Hestia, which owns around 160,000 shares of GameStop stock, will be spearheading the initiative. While the meeting has not yet been scheduled, GameStop issued a statement on the matter:

“GameStop welcomes open communications with its shareholders and values constructive input toward the goal of enhancing shareholder value. Over the past several weeks, members of GameStop’s Board and the Company’s advisors have had extensive correspondence and held multiple discussions with Hestia, Permit Capital, and their representatives to better understand their views.”

Previously, GameStop offered to nominate one of Hestia and Permit Capital’s proposed candidates in the past during negotiations for a settlement agreement, where GameStop claims that Hestia and Permit “declined to provide information on director candidates” outside of Hestia managing member Kurt Wolf, and thus rejected GameStop’s proposal. This would have meant that four new directors would have been appointed to GameStop’s Board within eight months, reducing “unnecessary expense and distraction.”

In the meantime, GameStop said it has been focused on driving shareholder value by appointing retail industry veteran George Sherman as the company’s new CEO and board member as well as announcing a new capital allocation plan meant to help increase the company’s financial flexibility, among other things, including strategic partnerships in the world of esports.

GameStop will be announcing a date for the 2019 Annual Meeting of Stockholders soon, but in the meantime is working in consultation with its advisors to confirm whether Hestia’s nominations are compliance with the company’s amended and restated bylaws as submitted.

More Gaming

  • 'Ni no Kuni: Wrath of the

    'Ni no Kuni: Wrath of the White Witch' Is Still a Fantastic Anime Adventure

    Six years after it’s original release “Ni no Kuni: Wrath of the White Witch” is coming back with a Nintendo Switch version and remastered edition on PS4 and PC. It’s time for more long-winded, adorable JRPG action. It’s odd since comparing the new version of the Level-5 developed classic with the original game is pointless [...]

  • ‘Dragon Ball Z: Kakarot’ Highlights The

    ‘Dragon Ball Z: Kakarot’ Highlights The Mundane Side of The Anime

    There have been dozens and dozens of games based on the popular anime “Dragon Ball Z.” While most focus on recreating the series’s electric fight scenes, very few have explored the more mundane and humorous aspects of the characters’ lives. Fortunately, “Dragon Ball Z: Kakarot” (releasing on PlayStation 4, Xbox One, and PC in 2020) [...]

  • 'Empire of Sin' is a Bloody,

    'Empire of Sin' is a Bloody, Strategic Take on the Criminal Underworld of 1920s Chicago

    When Paradox Interactive and Romero Games announced their new strategy game, “Empire of Sin,” a lot of fans were disappointed. They wanted another intensely violent and fast-paced game from John Romero, one of the original creators of “Doom.” They shouldn’t be though as ‘Empire of Sin’ is a deep, violent take on criminal management and [...]

  • 'Marvel's Avengers' is Crystal Dynamics' Indistinct

    'Marvel's Avengers' is Crystal Dynamics' Indistinct Take on a Comic Classic

    After 22 films in the leadup to “Avengers: Endgame,” the culmination of everything the Marvel Cinematic Universe built up towards, you’d think any other take on the classic team of superheroes would fall flat on its face. New faces would be eclipsed by the likes of Chris Evans’ perfect Captain America, Robert Downey Jr.’s dashing [...]

  • The Inner Machinations of John Wick's

    The Inner Machinations of John Wick's Mind

    Many games have you play as a character but very few let you inhabit their psyche. That’s the aim behind “John Wick Hex,” a strategy game that puts you inside the scenarios found by the titular movie character. And if a choreographed action sequence is nothing more than a combination of well thought out punches [...]

  • ‘LEGO Star Wars’ Is Rebuilding ‘The

    ‘LEGO Star Wars’ Is Rebuilding ‘The Skywalker Saga’ Brick by Brick

    There was a lot of chatter about EA’s “Star Wars Jedi: Fallen Order” at E3 this year, but that wasn’t the only “Star Wars” game on display. Freshly announced at Microsoft’s media briefing earlier this week, “LEGO Star Wars: The Skywalker Saga” combines all nine core “Star Wars” movies, including the yet-to-be-released “The Rise of [...]

More From Our Brands

Access exclusive content