Video game retailer GameStop fires CEO without cause

San Francisco, June 8

Video game retailer GameStop has fired CEO Matt Furlong without cause, appointing Ryan Cohen as Executive Chairman, effective immediately.

Furlong started at GameStop in June 2021 and oversaw things like the company's move into NFTs, November layoffs, and firing the company's CFO.

GameStop has also made Mark Robinson the company's new aceprincipal executive officer" with a title of general manager, according to a form 10-Q from the company in the US.

Last year, GameStop terminated its Chief Financial Officer Mike Recupero, while sacking employees in another round of mass layoffs.

Furlong had told staff in an email that the "reductions" were an attempt to help the company operate more "nimbly".

"After investing heavily in personnel, technology, inventory and supply chain infrastructure over the past 18 months, our focus is on achieving sustained profitability," Furlong wrote.

"This means eliminating excess costs and operating with an intense owner's mentality. Everyone in the organisation must become even more hands-on and embrace a heightened level of accountability for results," he told employees.

GameStop then appointed Diana Saadeh-Jajeh as the new CFO.

GameStop earlier laid off over 100 employees in May 2022.

In 2021, GameStop was probed for driving millions of his customers to buy up the stock and take it "to the moon".

The company received significant media attention during January and February 2021 due to the volatility of its stock price and the GameStop short squeeze, causing major financial consequences for certain hedge funds and large losses for short sellers.