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GameStop CEO Terminated, Ryan Cohen Becomes Executive Chairman

Published by: dailynews
Published on:

GameStop shares plunged Wednesday after it terminated Chief Executive Matt Furlong and elevated Ryan Cohen to executive chairman, the latest shake-up at the videogame retailer, which has been struggling to find new ways to juice sales.

Cohen first joined the board as a director in early 2021 and rose to chairman that June as part of a restructuring of GameStop’s board. The company then overhauled its executive team, hiring Furlong from Amazon for the CEO job.

GameStop shares fell 19% in after-hours trading.

While the company didn’t cite a reason for the termination, Cohen appeared to mock Furlong shortly after it was announced, tweeting “Not for long.”

Read the full story on The Wall Street Journal here.