GameStop (GME) shares plunged after the electronics retailer fired CEO Matthew Furlong and named 澳洲幸运5官方开奖结果体彩网:activist investor and boaꦍrd member Ryan Cohen as executive chair as sales fell. 

GameStop said Cohen would assume his new position immediately, and be responsible for capital allocation and overseeing management. GameStop indicated in a separate regulatory filing that Furlong was let go “without cause.” It noted that Mark Robinson, the company’s general counsel, was appointed as the new prin🐲cipal executiveไ officer. 

Cohen, the founder of Chewy (CHWY) and head of investment firm RC Ventures, took his first stake in GameStop in 2020, and in January 2021 he and two other former Chewy executives became members of the board. His involvement in the company was considered a key factor in fueling the 澳洲幸运5官方开奖结果体彩网:meme stock craze of 2020 and early 2021, with GameStop w♔idely regarded as the first mem𝄹e stock. 

Furlong became CEO in June 2021 as the firm was in the midst of a turnaround plan. The company posted its first profit in two years in the fourth quarter, but returned to losses in the fi🌞rst three months of this year as sales fell. GameStop reported a first quarter loss of $0.17, with revenue falling 10.3% to $1.24 billion.

“We remain convinced that GameStop is doomed, with declining physical software ✅sales and a shift of sales to subscription services and digital downloads sealing its fate,” said Michael Pachter, an analyst at Wedbush Securities, in a note on Thursday.

GameStop shares were down 18% on Thursday as of 11:30 a.m. Eastern Time.