GameStop Fires CEO Matt Furlong ‘Without Cause’ After 2 Years

thewrap.com:

said in a statement was “without cause.” Furlong resigned from its board on the same day. Ryan Cohen has in turn been appointed executive chairman.

Furlong took on the role in June 2021, lasting two years.“Leadership transitions can be inherently difficult to manage,” the company’s quarterly securities filing stated. ”And failure to timely or successfully implement transitions may cause disruption within the Company, including execution of our transformational plans.

This may adversely impact our financial performance and ability to meet operational goals and strategic plans, our ability to retain and hire other key members of management, and the market price of our Class A common stock.”GameStop declined to hold a quarterly earnings call.

This will mark its fourth consecutive quarterly fall in revenue following the heights GameStop stumbled into during its early 2021 meme-stock golden age, wherein social media helped propel the company to heights many experts viewed as unsustainable.“Our Board of Directors terminated Matthew Furlong’s employment with the Company as its President and Chief Executive Officer without Cause (as such term is defined in Mr.