GameStop fires its CEO and appoints new board chairman trends now GameStop fires its CEO and appoints new board chairman - sending shares plummeting more than 20% GameStop fired its CEO and appointed investor Ryan Cohen executive chairman Cohen set up pet food retailer Chewy and his firm owns 12 percent of GameStop GameStop share price dropped more than 20 percent in after-hours trading By Neirin Gray Desai For Dailymail.Com Published: 02:15 BST, 8 June 2023 | Updated: 02:16 BST, 8 June 2023 Viewcomments 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 Furlong's appointment as CEO in 2021 was part of a turnaround plan by the company as it struggled to adapt to the gaming industry's shift away from physical disks Furlong's appointment as CEO in 2021 was part of a turnaround plan by the company as it struggled to adapt to the gaming industry's shift away from physical disks. Although on Wednesday it reported a revenue drop, it also announced a smaller loss than over the same period last year - $50.5 million compared to $157.9 million in the first quarter of 2022. Months ago it also announced its first profitable holiday quarter in two years. The SEC filing on June 7 notes that on Monday, June 5, Furlong also resigned as a director of the company, reducing its board to just five members. It also noted that Cohen's new responsibilities would include 'capital allocation, evaluating potential investments and acquisitions, and overseeing the managers of the Company's holdings'. Cohen founded Chewy.com in June 2011 as an online retailer of pet food and was able to rival Amazon by focusing on customer service. He sold Chewy to PetSmart for $3.35 billion in 2017, and left the company a year later. An IPO of the company in 2019 valued it at $8.8 billion. Soon after the announcement on Wednesday Cohen put out a cryptic tweet reading simply 'Not for long' Furlong was appointed CEO two years ago in June 2021. The stock rallied tremendously in early 2021 due to the meme stock craze and in June was as high as $62 per share. Since then it has decreased and at close on Wednesday the share was valued at $26. In after-hours trading on Wednesday it dropped to as low as $20 per share Cohen's introduction to the company's board in 2021 was viewed positively by investors, and its stock climbed around 13 percent on the day of the announcement. At the time Alan Attal and Jim Grube were also added to GameStop's board. Attal is a longtime friend and business partner of Cohen and helped found Chewy. Grube worked on Chewy's customer acquisition model. As part of this week's shuffle Attal was named lead independent director of the board, the SEC filing said. DailyMail.com wrote to GameStop for additional information regarding the shakeup and Cohen's tweet, but did not hear back. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility