GameStop CEO Matt Furlong has been terminated and Ryan Cohen has been appointed executive chairman of the board.
Furlong — who was not mentioned by name in a company press release Wednesday — had served in the chief executive role since June 2021. GameStop’s 10-Q filing with the Securities and Exchange Commission on Wednesday says Furlong was terminated Monday.
Cohen’s executive chairman responsibilities include capital allocation and overseeing management. The investor and Chewy founder joined GameStop’s board of directors in January 2021 after cutting a deal with Cohen’s investment firm RC Ventures.
The gaming company canceled its quarterly earnings call Wednesday, instead referring stockholders to its SEC filing. GameStop reported its first quarter net sales decreased year over year from $1.38 billion to $1.24 billion. Meanwhile, its net loss dropped from $157.9 million to $50.5 million.