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GameStop Fires CEO and Appoints Ryan Cohen as Executive Chairman as Revenue and Stock Price Decline

  • GameStop fired CEO Matt Furlong for unspecified reasons and appointed board chairman Ryan Cohen as executive chairman.
  • GameStop reported disappointing first quarter results with declining revenue and losses compared to the previous year.
  • Matt Furlong had only been CEO since June 2021 and was supposed to help turn around the struggling company.
  • Ryan Cohen, founder of Chewy, is GameStop's largest shareholder and has been driving major changes in leadership and business model.
  • GameStop's stock price plunged around 20% following the leadership changes and financial results.
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