Video game retailer GameStop fires CEO without cause

San Francisco, June 8 (IANS) Video game retailer GameStop (NYSE:GME) has announced a change in its leadership team, with CEO Matt Furlong being replaced by Ryan Cohen, who will assume the role of Executive Chairman, effective immediately.

Furlong joined GameStop in June 2021 and oversaw various initiatives, including the company's entry into the non-fungible token (NFT) market, a round of layoffs in November, and the dismissal of the company's CFO.

According to a form 10-Q filed by the company in the US, Mark Robinson has been appointed as GameStop's new principal executive officer, holding the title of general manager.

In a recent communication to the staff, Furlong stated that the layoffs were aimed at improving the company's agility and achieving sustained profitability. He emphasized the need for increased accountability and a hands-on approach from all employees.

GameStop also announced the appointment of Diana Saadeh-Jajeh as the new CFO, following the termination of the previous Chief Financial Officer, Mike Recupero.

In May 2022, GameStop laid off more than 100 employees. Furthermore, in 2021, the company garnered attention for its involvement in the GameStop short squeeze, which had significant financial repercussions for certain hedge funds and short sellers.


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