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News

GameStop Suddenly Fires CEO Responsible For Retailer’s NFT Push

June 8, 2023 - Around 3 mins mins to read

Key Points:

  • GameStop has removed CEO Matt Furlong without reason and named Ryan Cohen as Executive Chairman, starting immediately.
  • Furlong joined GameStop in June 2021 and supervised events such as the company’s transition to NFTs, layoffs in November, and the departure of the company’s CFO.
  • According to a form 10-Q filed by GameStop in the United States, Mark Robinson has been named the company’s new ace principal executive officer with the position of general manager.
According to a statement released by the company today, after two years of cooperation with the company, Matt Furlong, CEO of the US game retailer GameStop, has been fired.
GameStop Suddenly Fires CEO Responsible For Retailer's NFT Push

Board chairman Ryan Cohen has been appointed as executive chairman. Former GameStop general counsel Mark Robinson has been named the company’s general manager and CEO, according to a 10-Q filing with the U.S. Securities and Exchange Commission (SEC).

According to the filing, GameStop, which is worth roughly $8 billion, agreed to designate Cohen as executive chairman on Wednesday and reduced the membership of its board from six to five directors.

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.

GameStop Suddenly Fires CEO Responsible For Retailer's NFT Push

According to the report, Furlong joined GameStop from Amazon in June 2021. During his tenure, he oversaw the company’s expansion into NFT collectibles through the digital asset market. Just before he was hired, the company had planned to implement some plans on Ethereum and eventually launched an Ethereum-based NFT platform during his tenure, but the performance was not satisfactory.

GameStop Suddenly Fires CEO Responsible For Retailer's NFT Push

Last December, GameStop said it would no longer focus on cryptocurrencies after posting a net loss of $94.7 million in the third quarter and laying off staff in its digital asset division. Matt Furlong said it has proactively minimized its exposure to cryptocurrencies over the past year and does not currently hold a substantial balance of any tokens. He also stated:

“Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not and will not risk meaningful stockholder capital in this space.”

In addition, GameStop appears to be still moving forward with its NFT and blockchain plans, but at the moment, it seems that this plan is also in trouble.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.