GameStop, a big retail company, has made a major leadership change by firing its CEO, Matt Furlong, according to a statement released on June 7. In a surprising move, billionaire investor Ryan Cohen, widely known for his involvement in the GameStop short squeeze in 2021, was promoted to the position of executive chairman.
Who is Matt Furlong and Why was he fired?
Furlong was responsible for GameStop’s foray into nonfungible tokens (NFTs). The specific reason behind Furlong’s termination was not provided by the company.
However, according to Victoria L. Bolton, an 8-K filing submitted to the United States Securities and Exchange Commission revealed that Furlong’s employment contract had a specified duration of 24 months.
Sources also state that Furlong had already resigned as a director of Gamestop. this resulted in the reduction of the board’s size to five members. These board developments mark a significant shift in GameStop’s leadership structure. All of this happened in the background, as the company continued to announce its new launches and partnerships.
Matt Furlong is yet to respond to this announcement.