GameStop Abruptly Fires CEO, Names Ryan Cohen As Executive Chairman

GameStop (NYSE: GME) has fallen over 18% in after hours trading after issuing a brief news release wherein it identified it has fired its chief executive officer.

The release, issued just five minutes after the closing bell, revealed that activist investor Ryan Cohen was named as Executive Chairman of the company before stating that in conjunction with the decision, “the company’s former CEO has been terminated.” The release was so brief that it did not reference now-former CEO Mathew Furlong by name, or thank him for his service.

Furlong had been appointed to the role of CEO in June 2021.

Ten minutes after the abrupt announcement, the company issued a press release on its first quarter financial results, posting net sales of $1.24 billion, a decline from $1.38 billion in the prior year. GameStop also reported a net loss of $50.5 million, while reporting a cash, cash equivalents and marketable securities position of $1.31 billion as of April 29, 2023.

The related conference call has also been cancelled in connection with the management changes.

GameStop last traded at $21.25 in after hours trading.


Information for this briefing was found via Edgar and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Kitty Come, Kitty Go: ‘Roaring Kitty’ GameStop Suit Suddenly Withdrawn

Just a few days after it was filed, a lawsuit accusing renowned stock influencer Keith...

Tuesday, July 2, 2024, 10:40:00 AM

BBBY: Ryan Cohen Sells Out Of 11.8% Stake In Bed Bath & Beyond

Well, it appears that Ryan Cohen has indeed sold out of his position in Bed...

Thursday, August 18, 2022, 05:56:09 PM

GameStop Reports Fiscal Q1 2022 Financials: US$1.38 Billion In Revenue, US$157.9 Million Net Loss

GameStop Corp (NYSE: GME) reported on Wednesday its financial results for fiscal Q1 2022, highlighting a...

Thursday, June 2, 2022, 09:40:00 AM

GameStop Appoints Ryan Cohen As CEO

GameStop (NYSE: GME) has slightly shaken up its management team, appointing Ryan Cohen, the firms...

Thursday, September 28, 2023, 08:47:31 AM

RFK Jr. Invests $24,000 in GameStop, Courting Meme Stock Investors

Independent presidential candidate Robert F. Kennedy Jr. wants to win over all the anti-establishment voters....

Wednesday, May 22, 2024, 11:41:00 AM