GameStop fires CEO, names Ryan Cohen executive chairman

GameStop fired its CEO Matthew Furlong and appointed its committee president Ryan Cohen arsenic enforcement president effectual immediately, the institution announced Wednesday. 

The institution didn't supply a crushed for the termination. It said Cohen volition beryllium successful complaint of superior allocation and overseeing management. He antecedently served arsenic committee chairman.

The determination to portion ways with Furlong comes conscionable months aft GameStop reported its first quarterly profit successful 2 years portion helium was astatine the helm.

Shares of GameStop dropped much than 17% successful extended trading aft quality of the termination was released.

In GameStop's fiscal archetypal 4th that ended April 29, GameStop reported gross of $1.24 billion, down from $1.38 cardinal successful the twelvemonth agone period. It reported a nett nonaccomplishment of $50.5 million, oregon a nonaccomplishment per stock of 17 cents, compared to a nonaccomplishment of $157.9 million, oregon 52 cents a share, a twelvemonth earlier.

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