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GameStop sacks its CEO and its shares plummet 20% in after-hours trading

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GameStop fired its CEO and appointed Ryan Cohen as executive chairman just months after the company reported its first quarterly profit in two years.




GameStop fired its CEO Matthew Furlong and appointed its board chairman Ryan Cohen as executive chairman effective immediately, the company said Wednesday.


Shares of GameStop dropped more than 20% in extended trading after the video game retailer announced the termination. It released the news on the same day it reported its revenue dropped and its loss narrowed in its fiscal first quarter compared to the year-ago period.


The company didn't provide a reason for the firing but noted the change in its quarterly securities filing.

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