A GameStop store operates in a strip mall on March 16, 2023 in Chicago, Illinois.
Scott Olson | Getty Images
GameStop fired its CEO Matthew Furlong and appointed its board chairman Ryan Cohen as executive chairman effective immediately, the company announced Wednesday.
The company didn’t provide a reason for the termination. It said Cohen will be in charge of capital allocation and overseeing management. He previously served as board chairman.
The decision to part ways with Furlong comes just months after GameStop reported its first quarterly profit in two years while he was at the helm.
Shares of GameStop dropped more than 17% in extended trading after news of the termination was released.
In GameStop’s fiscal first 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 a share, a year earlier.
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