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# Lessons from Ryan Cohen
- URL: https://www.antoinebuteau.com/lessons-from-ryan-cohen/
- Published: 2026-06-11T17:56:53.000Z
- Updated: 2026-09-05T03:06:05.000Z
- Description: Ryan Cohen co-founded Chewy before becoming an activist investor at GameStop, where he challenged legacy leadership and helped turn the retailer into a cash-rich holding company, linking customer service, capital allocation, and executive accountability.
- Author: Antoine Buteau
- Tags: Profile, Tech Entrepreneurs & Founders Profiles

Ryan Cohen co-founded Chewy, sold it for $3.35 billion, and then transformed from an e-commerce operator into an activist investor. He is best known for acquiring a massive stake in GameStop, ousting its legacy board, and turning the struggling retailer into a cash-rich holding company. This profile documents his philosophy on customer service, capital allocation, and executive accountability.

![Visual summary of operating lessons from Ryan Cohen.](https://www.antoinebuteau.com/content/images/2026/06/lessons-from-ryan-cohen-profile-infographic.webp)

## Part 1: The Chewy Era and Customer Obsession

1. **On Customer Delight:** "If you’re in the business of delighting your customers, you can be very successful. I don’t know too many businesses that ended up not being successful when they did a really good job at delighting their customers." — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*
2. **On The Competition:** "We were competing with the strongest company in the world, Amazon... All we had to begin with was our sheer will and determination." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
3. **On Lifetime Value:** Cohen built Chewy by optimizing for the long-term lifetime value of a customer rather than attempting to maximize the profit margin on a single order. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*
4. **On Empathy:** He believed that in sensitive, emotion-driven markets like pet care, customers ultimately make their buying decisions based on which company demonstrates that they care the most. — [*Source: \[Marketing Examples*](https://marketingexamples.com/brand/chewy?ref=antoinebuteau.com)*\]*
5. **On Surprise:** Chewy employed hundreds of staff members specifically to write millions of personalized holiday and welcome cards to customers by hand. — [*Source: \[Medium*](https://medium.com/swlh/how-chewy-built-a-multibillion-dollar-company-by-focusing-on-the-customer-407b1a20c9f1?ref=antoinebuteau.com)*\]*
6. **On Emotional Connections:** The company commissioned artists to paint custom oil portraits of customers' pets, which were then mailed to them as unprompted surprises. — [*Source: \[Marketing Examples*](https://marketingexamples.com/brand/chewy?ref=antoinebuteau.com)*\]*
7. **On Grief:** If a customer mentioned to a representative that their pet had passed away, Chewy's standard protocol was to send a bouquet of flowers and a handwritten condolence note. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*
8. **On Returns:** When customers bought the wrong pet food, Chewy often refunded the purchase price entirely and instructed the customer to donate the food to a local animal shelter rather than ship it back. — [*Source: \[Medium*](https://medium.com/swlh/how-chewy-built-a-multibillion-dollar-company-by-focusing-on-the-customer-407b1a20c9f1?ref=antoinebuteau.com)*\]*
9. **On Urgency:** If a customer needed a critical item faster than Chewy could deliver it, support representatives advised them to buy it at a local store and reimbursed them for the cost. — [*Source: \[Try Maverick*](https://www.trymaverick.com/blog/chewy-customer-retention?ref=antoinebuteau.com)*\]*
10. **On Accessibility:** He established a strict "6-second rule," mandating that customer service phone calls be answered within six seconds by a live human being, completely bypassing automated phone trees. — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*

## Part 2: Execution and Scaling

1. **On Growth Constraints:** "Free cash flow was the governor of growth. It wasn’t growth at any cost." — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*
2. **On Fulfillment:** Chewy built a massive, internal logistics infrastructure to ensure fast, reliable delivery, proving that operational capability was more important than marketing budget. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*
3. **On Service as Marketing:** Cohen argued that hyper-personalized, high-cost customer service operations were actually a highly effective marketing strategy that paid for itself through word-of-mouth. — [*Source: \[Medium*](https://medium.com/swlh/how-chewy-built-a-multibillion-dollar-company-by-focusing-on-the-customer-407b1a20c9f1?ref=antoinebuteau.com)*\]*
4. **On Retention Economics:** Because pet food is a recurring, predictable purchase, Cohen calculated that a consistently delighted customer could spend up to $70,000 over a pet's lifetime. — [*Source: \[Marketing Examples*](https://marketingexamples.com/brand/chewy?ref=antoinebuteau.com)*\]*
5. **On Building a Moat:** By prioritizing empathy and high-touch personalization, Chewy built an emotional moat that highly optimized but faceless competitors could not replicate. — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*
6. **On The Finish Line:** "As an entrepreneur, I felt my work was complete. I left knowing we built a durable business." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
7. **On Work Ethic:** Cohen frequently described the "ultimate sacrifice" required to build Chewy, noting that he worked relentlessly for years to ensure the startup survived its vulnerable early phases. — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*
8. **On Organic Reach:** Customers regularly shared their pet portraits and condolence flowers on social media, generating free advertising that carried significantly more trust than traditional ads. — [*Source: \[Try Maverick*](https://www.trymaverick.com/blog/chewy-customer-retention?ref=antoinebuteau.com)*\]*
9. **On Retail Execution:** He understood early on that executing the unglamorous parts of retail—specifically warehouse management and supply chain reliability—was where market share was actually won. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*

## Part 3: The GameStop Turnaround

1. **On Taking Over:** "GameStop is different. We inherited a bunch of legacy... everything. Decades of neglect. I like tough things." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
2. **On Promises:** "You won’t find us talking a big game, making a bunch of lofty promises, or telegraphing our strategy to our competition." — [*Source: \[GameStop Annual Shareholder Meeting 2021*](https://news.gamestop.com/?ref=antoinebuteau.com)*\]*
3. **On Judging Leadership:** "Moving forward we want you to judge GameStop based on our actions and not our words." — [*Source: \[GameStop Annual Shareholder Meeting 2021*](https://news.gamestop.com/?ref=antoinebuteau.com)*\]*
4. **On Preparation:** "As my dad would say, 'Buckle up.'" — [*Source: \[GameStop Annual Shareholder Meeting 2021*](https://news.gamestop.com/?ref=antoinebuteau.com)*\]*
5. **On The 2020 Board:** "Regrettably, Mr. Sherman appears committed to a twentieth-century focus on physical stores and walk-in sales despite the transition to an always-on digital world." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
6. **On Lack of Strategy:** "GameStop currently lacks the mindset, resources and plan needed to become a dominant sector player." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
7. **On Value Destruction:** "It is not enticing to become an isolated stockholder advocate on a Board that has overlooked years of digital revenue opportunities and presided over massive value destruction." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
8. **On The Digital Economy:** "GameStop’s challenges stem from internal intransigence and an unwillingness to rapidly embrace the digital economy." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
9. **On Infrastructure:** "If GameStop takes practical steps to cut its excessive real estate costs and hire the right talent, it will have the resources to begin building a powerful e-commerce platform." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
10. **On Ambition:** In an interview regarding his CEO mandate, he stated his intention to turn GameStop into a "$100 billion-plus juggernaut," signaling a move far beyond video games. — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*

## Part 4: Activism and Board Accountability

1. **On Director Alignment:** "Directors should comprise of owners who bought shares with their own money. I’m aligned with shareholders." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
2. **On Performance Ties:** "If I don’t hit the thresholds, then I don’t get anything." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
3. **On Corporate America:** "I don’t understand what’s going on in Corporate America... it’s like some kind of Fantasyland." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
4. **On Executive Failure:** "You can lose shareholder money and still make a lot of money. It happens all the time." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
5. **On Bed Bath & Beyond:** In a formal letter, he heavily criticized the BBBY board for awarding nearly $36 million in compensation to top executives while the company's market capitalization rapidly declined. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*
6. **On Scattershot Plans:** He described BBBY's turnaround strategy as overly complex and "scattershot," noting it completely failed to fix the company's core supply chain and inventory issues. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*
7. **On Asset Value:** Cohen identified the "buybuy BABY" division as BBBY's most valuable asset, suggesting it could be worth "several billion dollars" as a standalone entity and urging a spin-off. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*
8. **On Wall Street Focus:** He argued that modern corporate boards lack a true "ownership mentality" and are far too focused on accommodating Wall Street analysts rather than executing operational improvements. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*
9. **On Simplification:** He advised struggling legacy retailers to narrow their focus entirely to "fortifying the infrastructure," modernizing the store fleet, and ensuring high-demand inventory is actually in stock. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*

## Part 5: Capital Allocation and Investment Philosophy

1. **On Conviction:** "I like to go all in. When I find something I believe in, I make concentrated bets." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
2. **On Scale:** "I like scale, I like disruption." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
3. **On Transformative Deals:** Regarding GameStop's cash reserves, he expressed a willingness to make massive acquisitions, noting that such a move is "ultimately either going to be genius or totally, totally foolish." — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*
4. **On Short Sellers:** In 2020, he pointed out that GameStop being one of the most heavily shorted stocks in the market spoke volumes about investors’ total lack of confidence in the incumbent leadership team. — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
5. **On Apple:** As one of the largest individual shareholders of Apple, he advocates for buying structurally sound companies with massive consumer loyalty and holding those shares long-term. — [*Source: \[Bloomberg*](https://www.bloomberg.com/?ref=antoinebuteau.com)*\]*
6. **On Market Timing:** A core philosophy he promotes to retail investors is that "real money is made through time in the market, not timing the market." — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
7. **On Michael Burry:** Cohen has publicly expressed respect for Michael Burry, recognizing the value of contrarian, deep-value investing strategies that challenge consensus narratives. — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*
8. **On Full Sales:** When evaluating heavily distressed companies, he urged boards to run formal processes to sell the entire company to financial sponsors if the public markets repeatedly failed to value them correctly. — [*Source: \[RC Ventures Letter to BBBY Board*](https://www.prnewswire.com/news-releases/ryan-cohens-rc-ventures-sends-letter-to-bed-bath--beyonds-board-of-directors-301497184.html?ref=antoinebuteau.com)*\]*
9. **On Evolving Business Models:** He demonstrated through GameStop that a legacy brand's core cash flow and massive retail footprint can be used as a financial vehicle to pivot into entirely new sectors. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*

## Part 6: Leadership and Hiring

1. **On The Ideal Candidate:** "I look for someone who’s got a chip on their shoulder... someone who was bullied as a kid, someone who is an immigrant and really has had to fight." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
2. **On Hunger:** He specifically targets candidates who are "incredibly hungry" rather than those who simply possess a polished, traditional corporate resume. — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
3. **On Empathy in Staff:** At Chewy, Cohen prioritized hiring actual pet owners for customer service roles, knowing they could naturally empathize with the specific anxieties of the customer base. — [*Source: \[Medium*](https://medium.com/swlh/how-chewy-built-a-multibillion-dollar-company-by-focusing-on-the-customer-407b1a20c9f1?ref=antoinebuteau.com)*\]*
4. **On Will vs. Skill:** He routinely hires for "will over skill," explicitly seeking out "obsessive, relentless, and contrarian" employees who display a strong bias for action. — [*Source: \[Inc. Magazine*](https://www.inc.com/magazine/201908/tom-foster/ryan-cohen-chewy-pet-food-founder-amazon-walmart-deal.html?ref=antoinebuteau.com)*\]*
5. **On Doing the Job:** "We want GameStop’s leaders to do their jobs and implement a strategy for bringing the Company into the 21st century." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
6. **On Accountability:** "The onus is on the Board and Mr. Sherman to do their jobs and produce a viable strategy." — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
7. **On Executive Pay:** His own compensation package at GameStop included a massive stock reward that was entirely contingent on reaching unprecedented market capitalization and EBITA targets. — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*
8. **On Internal Intransigence:** He has zero tolerance for leadership teams that blame external market factors for their decline when the actual issue is a refusal to adapt to digital economies. — [*Source: \[RC Ventures Letter to GameStop Board*](https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf?ref=antoinebuteau.com)*\]*
9. **On Extremism:** Cohen has openly discussed his "extremist" work ethic, setting a precedent that he expects a similar level of intense, all-consuming dedication from his executive teams. — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*

## Part 7: The "Teddy" Philosophy and Father's Influence

1. **On His Father's Legacy:** "My father, Ted Cohen, and his lessons have guided me throughout my life. He showed me an exceptional work ethic and an unwavering commitment to delayed gratification." — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
2. **On Quality over Margin:** "If you take a carload of this \[high profit, low quality\], you'll make more money. But if you take a carload of that \[lower profit, higher quality\]... you'll keep the customer. So, take a carload of that." — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
3. **On Patience:** Through his children's book *Teddy and the Piggy Banks*, he teaches that "if they're really patient, one day they can buy and eat all the ice cream they want, while taking care of the people they love." — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
4. **On Respecting Labor:** In *Teddy and the People Who Make the World Go Round*, he emphasizes that every job—from construction workers to cashiers—has dignity and value, reflecting his deep respect for the blue-collar worker. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
5. **On Ignoring Critics:** In *Teddy Says Words Can Never Hurt You*, he explains that "words are only words" and cannot hurt you unless you allow them to, a philosophy he applies directly to navigating financial media FUD. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
6. **On Global Perspective:** In *Teddy Goes to China*, he highlights the importance of keeping an open mind, respecting different cultures, and recognizing the hard-working people in global manufacturing hubs. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
7. **On Delayed Gratification:** He considers the psychological ability to delay gratification as the fundamental building block of both personal wealth accumulation and enduring business success. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
8. **On Financial Independence:** He promotes the concept of being "your own bank," encouraging the direct registration of shares and total financial self-reliance. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*
9. **On The Title:** He adopted the moniker "Book King" on social media to signal a transition toward long-term value creation and the financial education of retail investors. — [*Source: \[Teddy Publishing*](https://teddy.com/?ref=antoinebuteau.com)*\]*

## Part 8: Public Persona, Media, and Markets

1. **On Media Skepticism:** "Didn’t you guys call for GameStop’s demise multiple times? It should have been dead by now. Well, look at our financial performance." — [*Source: \[CNBC Squawk Box*](https://www.cnbc.com/?ref=antoinebuteau.com)*\]*
2. **On Answering Questions:** During high-pressure television interviews regarding complex deals, he often refuses to indulge anchor speculation, flatly stating, "The full details are on our website." — [*Source: \[CNBC Squawk Box*](https://www.cnbc.com/?ref=antoinebuteau.com)*\]*
3. **On The eBay Bid:** In a massive 2026 move, he launched an unsolicited $55.5 billion bid for eBay, proposing a "half cash, half stock" deal to merge physical fulfillment locations with a massive online marketplace. — [*Source: \[Bloomberg*](https://www.bloomberg.com/?ref=antoinebuteau.com)*\]*
4. **On Poor Management:** In defending the eBay bid, he argued that it was a "great business that’s been poorly managed," echoing the exact activist thesis he applied to GameStop and Bed Bath & Beyond. — [*Source: \[Bloomberg*](https://www.bloomberg.com/?ref=antoinebuteau.com)*\]*
5. **On The "Meme King" Label:** Leaning heavily into his internet persona, Cohen joked that he was "selling stuff on eBay to pay for eBay," sharing a screenshot of a suspended account for listing old socks. — [*Source: \[Business Insider*](https://www.businessinsider.com/?ref=antoinebuteau.com)*\]*
6. **On Defending Deals:** He appeared on network television to defend his "hostile" approach to M&A, dismissing well-known critics who called his aggressive takeover strategies a "road to capitalist hell." — [*Source: \[Piers Morgan Uncensored*](https://www.youtube.com/results?search%5Fquery=Ryan+Cohen+Piers+Morgan+Uncensored&ref=antoinebuteau.com)*\]*
7. **On Institutional Inefficiency:** He views the modern corporate landscape as bloated and inefficient, utilizing his massive public platform to mock executives who extract capital value without actually building it. — [*Source: \[GMEdd Interview*](https://gmedd.com/interviews/ryan-cohen/?ref=antoinebuteau.com)*\]*
8. **On Retail Investors:** He bypassed traditional public relations entirely, cultivating a massive following among retail investors by speaking directly to them through cryptic tweets and open letters. — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*
9. **On Market Mechanics:** He recognized early on that heavy short interest in a stock often reflects a deep, exploitable disconnect between Wall Street algorithms and the underlying, irrational loyalty of a company's customer base. — [*Source: \[Forbes*](https://www.forbes.com/sites/forbesfinancecouncil/2021/03/10/what-ryan-cohens-success-with-chewy-can-teach-us-about-gamestop/?ref=antoinebuteau.com)*\]*
10. **On His Ultimate Goal:** He ultimately views his investments and corporate takeovers not just as equity trades, but as long-term operational projects to rebuild broken brands using the customer-obsessed principles he proved at Chewy. — [*Source: \[Wall Street Journal*](https://www.wsj.com/?ref=antoinebuteau.com)*\]*