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GameStop fired CEO Matt Furlong two years after hiring him and appointed billionaire Ryan Cohen as executive chairman, sending the company’s shares down 20% in extended trading.
A former executive at Amazon, Furlong joined GameStop in 2021, just months after the company was at the center of a “meme-stock” trading frenzy where a bunch of social media-armed traders talked up the value of the stock.
The company did not say why Furlong was terminated and did not immediately respond to a Reuters request for comment seeking details. The videogame retailer also said it would not be holding an earnings call.
Billionaire investor Cohen, who co-founded online pet products retailer Chewy, has been serving as chairman of GameStop since 2021 and is also a majority shareholder of the Texas-based company.
