Gamestop Fires CEO, Names Ryan Cohen Executive Chairman

GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday (Thursday, June 8, 2023, in Manila), Samantha Delouya reported for CNN.

Photo Insert: Newly-elevated Executive Chairman Ryan Cohen has his work cut out for him as Gamestop's revenue was down from $1.38 billion during the same period last year.

A company filing with the Securities and Exchange Commission (SEC) said Furlong will be entitled to receive payments and benefits associated with a termination without cause. Furlong had been GameStop’s CEO since 2021.

The company also released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, down from $1.38 billion during the same period last year.

GameStop also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop reported its first quarterly profit in two years.

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