GameStop CEO Matt Furlong has been terminated and Ryan Cohen has been appointed executive chairman.
Furlong — who was not mentioned by name in a company press release Wednesday — had served in the chief executive role since June 2021. GameStop's 10-Q filing with the Securities and Exchange Commission on Wednesday says Furlong was terminated Monday. Furlong resigned as a director of the company the same day and the board was reduced to five members, according to another company filing.
Cohen’s executive chairman responsibilities include capital allocation and overseeing management. The investor and Chewy founder joined GameStop’s board of directors in January 2021 after cutting a deal with Cohen’s investment firm RC Ventures. Cohen was appointed as chairman of the company’s board later that year.
Mark Robinson was also appointed as GameStop’s new principal executive officer and general manager. Robinson has served as the company’s vice president and general counsel since January 2022. Alan Attal, who previously served in several C-suite roles at Chewy, was appointed lead independent director of the board.
The gaming company canceled its quarterly earnings call Wednesday, instead referring stockholders to its SEC filing. GameStop reported its first quarter net sales decreased year over year from $1.38 billion to $1.24 billion. Meanwhile, its net loss dropped from $157.9 million to $50.5 million.
GameStop’s operating loss narrowed year over year from $153.7 million to $58.4 million. Net sales specifically in the U.S. dropped by 16.4% while sales in Europe increased by 26.2%.
Editor's note: This story has been updated with additional information about GameStop's leadership changes and earnings results.