GameStop stock up after company says Ryan Cohen to be chairman

GameStop announced Thursday that the Chewy co-founder Ryan Cohen will become its chairman following the company’s annual shareholder meeting, which is scheduled for June 9.

The retailer’s shares jumped more than 3% in premarket trading, putting the stock on track to snap a three-day losing streak. Shares have given up some of their sky-high gains since a surge in late January, but are still up more than 870% this year, giving the company a market value of $12.8 billion.

Cohen invested in GameStop last year, to push the video game retailer to…