Ryan Cohen appointed executive chairman after GameStop CEO fired.

GameStop has fired its CEO, Matt Furlong, and named Ryan Cohen as executive chairman. The company did not provide a reason for Furlong's termination, but he will receive payments and benefits associated with a termination without cause. GameStop reported a net loss of $50.5 million in the first quarter of 2022, compared to a net loss of $157.9 million in the same period last year. The company canceled its quarterly conference call to discuss the earnings. Shares of GameStop fell nearly 20% in after-hours trading on the news of the financial results and C-suite shakeup.