GameStop fires its CEO and appoints new board chairman trends now
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GameStop has fired its CEO and promoted Chewy founder and investor Ryan Cohen to executive chairman, the company announced on Wednesday.
The appointment came as the company reported in an SEC filing a quarterly revenue $1.24 billion, down from $1.38 billion in the same period last year.
The outgoing CEO, Mathew Furlong, is a former Amazon executive and was appointed in June 2021. The filing on Wednesday suggested he would be entitled to 'payments and benefits associated with a termination without cause'.
New executive chairman Ryan Cohen is the founder of pet food delivery company Chewy and joined the company board in January 2021. He is the manager of RC Ventures, which in 2020 took a significant position in GameStop.
Hours after the change was announced, Cohen posted a bizarre and cryptic tweet that read simply: 'Not for long'. Shares dropped more than 20 percent in extended trading on Wednesday evening.
Chewy.com founder Ryan Cohen (pictured) was appointed executive chairman of GameStop, the company announced on Monday. According to filings last year his investment firm RC Ventures holds an approximately 12 percent stake in the company
GameStop CEO, Mathew Furlong (pictured), was terminated on Monday, according to an SEC filing and a company press release. He held the position since June 2021
