GameStop (NYSE: GME) is taking seriously the suggestion by activist investor and board member Ryan Cohen that the video game retailer transition into an e-commerce company -- an Amazon of gaming of sorts. According to Bloomberg, Cohen will chair a new committee to guide the retailer's transformation, and he will be joined by two other activist investors: Alan Attal, who came with Cohen from Chewy.com, and Kurt Wolf, the founder of Hestia Capital, who began agitating for change in 2019 and was eventually appointed to the board. Together they will lead the new Strategic Planning and Capital Allocation Committee. Image source: Getty Images. A new way of doing business It's an audacious plan. Cohen has said GameStop needs to offer a credible method for controlling costs by focusing on its most profitable retail locations while developing and enhancing its e-commerce capabilities. Because GameStop has a brand that's virtually synonymous with the gaming industry, plus a massive customer base, it has a rare opportunity to reinvent itself. Cohen subsequently took a 13% stake in the video game retailer. It was Cohen's appointment to the board in January that helped generate the enthusiasm on the Reddit discussion forums that launched the rally in GameStop's stock in late January. Believing the company was serious about its turnaround and angry that short-sellers were attempting to beat down its already deeply discounted shares, traders began buying up shares and options that fueled the massive short squeeze. After the brouhaha died down, one of the early instigators of the rally, Keith Gill, who goes by the nickname Roaring Kitty (and some other colorful terms on the boards), maintained he was still bullish on the business and doubled his stake in the stock to 100,000 shares. That started a second rally in GameStop, and the video game retailer's stock remains some 630% above where it started 2021. 10 stocks we like better than GameStopWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and GameStop wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends Chewy, Inc and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source