- GameStop CEO Matthew Furlong was fired, and Ryan Cohen took over as CEO.
- The company did not provide a reason for the termination.
- Shares of the video game company fell more than 17% in extended trading after the news broke.
A GameStop store operates at a mall on March 16, 2023 in Chicago, Illinois.
Scott Olson | Getty Images
GameStop is firing its CEO Matthew Furlong and appointing its chairman, Ryan Cohen, as CEO, effective immediately, the company announced Wednesday.
The company did not provide a reason for the termination. It said Cohen would be responsible for capital allocation and management oversight. He previously held the position of Chairman of the Board.
The decision to split from Furlong comes just months after GameStop reported its first quarterly profit in two years while he was at the helm of the company.
GameStop shares fell more than 17% in extended trading after news of the termination broke.
In GameStop’s first fiscal quarter that ended April 29, GameStop reported revenue of $1.24 billion, down from $1.38 billion in the year-ago period. It reported a net loss of $50.5 million, or a loss per share of 17 cents, compared to a loss of $157.9 million, or 52 cents per share, in the prior year.
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