GameStop has announced that it has dissolved its CEO and its board of directors has elected meme stock icon Ryan Cohen as its executive chairman.
Cohen, who became popular with meme stock traders for his investments in the video game store and the now-bankrupt Bed Bath & Beyond, was already the chairman of GameStop. The company said in a statement announcing Cohen’s raise that former CEO Matt Furlong has been fired “in conjunction”.
In an SEC filing on Wednesday, the company said Furlong was terminated on June 5 “for no reason.” The filing also said Mark Robinson, the company’s general counsel, was named today as general manager and principal executive officer.
Shares plunged more than 20 percent in after-hours trading Wednesday as the company also reported first-quarter results that fell short of Wall Street’s forecasts.