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.