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GameStop Corporation's leadership undergoes major reshuffling as it elects Ryan Cohen as its new executive chairman immediately following the termination of CEO Matt Furlong. The reasons for Furlong's departure remain undisclosed.
GameStop’s announcement for the appointment of a new executive chairman signals a major leadership reshuffle in the company. Furlong will also vacate his post after serving as CEO for about two years, as he was appointed in 2021.
“GameStop Corp. today disclosed that its Board of Directors has elected Ryan Cohen as Executive Chairman, effective immediately. Mr. Cohen’s responsibilities include capital allocation and overseeing management,” the company stated via a short press release that was published on Wednesday, June 7. “In conjunction, the Company’s former CEO has been terminated.”
Cohen’s appointment was made through promotion as he was the company’s chairman. The firm filed its report to the Securities and Exchange Commission (SEC), and this was how the leadership shake-up was first revealed to the public.
CNN Business noted that GameStop did not provide any explanation as to why it fired Furlong. The company was also contacted for comments on this, but there was no immediate response thus, there is no concrete information about the CEO’s termination yet.
In the filing with the SEC, the company indicated that with Furlong’s departure, he will still be entitled to receive payments and benefits that typically come with a termination without cause. At any rate, Ryan Cohen joined the company’s board in the same year of Furlong’s appointment as GameStop’s chief. He became part of the board after buying an almost 13% stake in the company.
“We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen’s leadership will further unlock long-term value creation for our stockholders,” CNBC quoted GameStop as saying in its recent SEC filing.
Photo by: Clay Banks/Unsplash
