JJBers from Willimantic, Connecticut, USA
On Wednesday, video games retailer GameStop Corporation (GME) announced the removal of CEO Matt Furlong in a press release. The company stated that there is no immediate replacement for Furlong but has appointed Chewy founder and investor Ryan Cohen as the executive chairman of the company. In this role, Cohen will be responsible for capital allocation and management oversight.
According to the specialty retailer’s 10-Q filing, Furlong was terminated on June 5th without cause. Furlong joined GameStop in June 2021 and oversaw initiatives such as the company’s foray into NFTs. Prior to GameStop, Furlong spent eight years at Amazon, where he led the company’s operations in Australia. When Furlong was hired, Cohen also brought in several Amazon executives for key positions, including CFO, COO, CTO, and chief growth officer. However, the former CFO was fired in July, the former COO left after seven months, the former CTO departed in April, and the former chief growth officer left in September.
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Cohen has invested in various ‘meme stocks,’ including GameStop and Bed Bath & Beyond. His initial investment in GameStop in early 2021 played a significant role in the stock’s meteoric rise and its popularity among Reddit’s r/wallstreetbets community.
The consumer electronics and collectibles retailer has also appointed Mark Robinson as the new “principal executive officer” and general manager, according to a company filing. Since almost eight years ago, Robinson has worked with GameStop, most recently in the capacity of general counsel.
In response to the video game retailer’s announcement of the CEO’s termination as part of a reorganization of its leadership team, the gaming giant’s shares lost more than 20% in Wednesday evening’s extended trading, and 9% of their value at the start of the U.S. market on Thursday. The company’s first-quarter numbers announced on Wednesday fell short of Wall Street forecasts.
The adjustments are part of GameStop’s efforts to increase sales, which have been under pressure due to consumers’ shifting preferences towards downloading console games. With the termination of Furlong and the leadership changes, GameStop is likely to undergo as it navigates its future in the video game retail industry.
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