GameStop, the video game and electronics retailer, has recently announced the firing of its CEO, Matt Furlong, as part of its first quarter 2023 earnings report on Wednesday. The company has not yet named a replacement for Furlong, but it has appointed board chairman Ryan Cohen as the executive chairman.
Ryan Cohen’s Background and Connection with GameStop
Ryan Cohen, who is the founder of the e-commerce website Chewy, has invested in several “memestocks” including GameStop and Bed Bath and Beyond. He has been appointed as the executive chairman of GameStop following Furlong’s firing. Cohen’s initial investment in GameStop in early 2021 led to a massive increase in the stock price, contributing to its status as a memestock that is adored by the Reddit sub r/wallstreetbets.
Furlong’s Termination and Mark Robinson’s Promotion
Matthew Furlong was fired on June 5th without any cause, according to the company’s 10-Q. Furlong started working at GameStop in June 2021, after the chaos with the company’s stock price had already begun. During his tenure, he oversaw the company’s move into NFTs, November layoffs, and the firing of the company’s CFO.
The company has made Mark Robinson the new “principal executive officer” with the title of general manager, as per the company’s 10-Q form. Robinson has been associated with GameStop for almost eight years, and he most recently held the position of general counsel.
Earnings Call Cancellation
GameStop has canceled its earnings call scheduled for that day.
In summary, GameStop has fired its CEO, Matt Furlong, without any cause, and has appointed board chairman Ryan Cohen as the executive chairman. The company has not yet named a replacement for Furlong. The company’s new “principal executive officer” is Mark Robinson, who has been associated with GameStop for nearly eight years. The company has canceled its earnings call scheduled for that day.