GameStop Fires Its CEO After Two Years
Matthew Furlong is no longer president and CEO of GameStop.
By Chris Pereira on
Alongside the release of its latest earnings report, GameStop has fired its president and chief executive officer, Matthew Furlong. Furlong took the reins of CEO almost two years ago to the day.
No explanation for the move was provided, but it is effective immediately, as of the Board's decision on June 5. The news follows the firing of CFO Michael Recupero last year.
Because Furlong was terminated «without cause,» he'll be entitled to a number of benefits as outlined back in June 2021. That includes six months of his base salary (he earned $200,000 annually, among many other bonuses). He also resigned as a member of GameStop's Board of Directors, which has now shrunk to five seats. His «resignation did not result from any disagreement with the Company on any matter relating to the Company's operations, policies or practices,» the company said in its statement.
Furlong oversaw the company during a tumultuous period, as it has struggled to adjust to the changing gaming landscape, investing in areas such as NFTs and laying off numerous employees. He took over less than six months after the GameStop share price saw a massive spike and became a meme stock. (Sony is releasing a movie about the situation later this year.) That share price has been in fairly steady decline since that time, going from a high of over $81 to the current price of $26.11. In after-hours trading today, some combination of the earnings report and Furlong's dismissal have led to more than a 20% decline, to under $21.
Mark Robinson, GameStop's general counsel, will immediately assume the role of general manager and principal executive officer, in addition to continuing as
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