Video game retailer GameStop ousts CEO Matt Furlong, elevates Ryan Cohen amid falling sales

Ryan Cohen, the billionaire investor whose bold bet on GameStop Corp made him a hero to meme stock traders, took over as executive chairman on Wednesday after the video game retailer posted a bigger-than-expected quarterly loss and ousted its CEO Matt Furlong.

Investors pushed the stock price down more than 20% in after-hours trading, continuing a roller-coaster ride that started in early 2021 when retail investors piled in to prove hedge funds betting on GameStop’s demise wrong.

Some analysts are questioning whether Cohen can turn GameStop around, two years after he became board chairman. The new executive function to his previous role gives him control over capital allocation, evaluating potential investments and acquisitions, and overseeing the managers of the company’s holdings, GameStop said in a regulatory filing.