GameStop Stock Tumbles After CEO Is Fired - The Wall Street Journal

GameStop shares are plummeting in morning trading, following Wednesday’s news that it fired its chief executive officer and elevated Ryan Cohen to executive chairman.

Shares are down 18% at $21.49, putting the stock on track for its biggest daily fall since 2021, when GameStop became a meme stock. That year, GameStop shares regularly swung sharply. Lately, the stock’s daily moves have been much more subdued.

GameStop’s firing of Matt Furlong as CEO comes around two years after he was hired as part of a push for the videogame retailer to move faster into e-commerce. Furlong came from Amazon, while Cohen co-founded Chewy, the online pet-supply retailer. Cohen was elected chairman of GameStop in 2021 after building up an activist stake in the company.

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