GameStop's CEO fired, stock price drops.
GameStop's stock fell nearly 20% in pre-market trading after the company announced the firing of CEO Matthew Furlong and reported lower-than-expected quarterly revenue. Ryan Cohen, the company's largest investor, was named executive chairman. GameStop's first quarter revenue of $1.24 billion fell short of analysts' expectations for $1.34 billion. Furlong's departure marks a shift in the company's turnaround efforts, as he was viewed as someone who could bring GameStop further into the digital marketplace. Some analysts remain skeptical about the company's future and its ability to attract a qualified replacement for Furlong.