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GameStop announced that it has terminated its chief executive and that its board of directors has elected meme stock icon Ryan Cohen as executive chairman.
Cohen, who became popular with meme stock traders for his investments in video game retailer and now-bankrupt Bed Bath & Beyond, was already chair of GameStop. The company said in a statement announcing Cohen’s elevation that, “in conjunction”, former chief executive Matt Furlong has been “terminated”.
In an SEC filing Wednesday, the company said Furlong was terminated “without cause” on June 5. The filing also said that Mark Robinson, the company’s general manager, was appointed its general manager and chief executive officer today.
Shares fell more than 20 percent in after-hours trading on Wednesday after the company also reported first-quarter results that fell short of Wall Street forecasts.
