GameStop ousts CEO and Cohen takes reins as sales fall again

Ryan Cohen, the billionaire investor whose bet on GameStop Corp made him popular with meme stock traders, took over as executive chairman on Wednesday after the video game retailer ousted its CEO and reported a wider-than expected quarterly loss.

Cohen, who made his fortune selling the online pet products retailer Chewy for US$3.5 billion in 2017, joined GameStop's board in early 2021 and has been putting his imprint on strategy ever since. He was elected chairman in June 2021. Since Furlong's appointment was announced, GameStop shares have lost over half of their value and are down about 65 per cent since June 2021. Cohen is the company's largest investor.

At each company he pushed for changes with mixed success. Bed Bath & Beyond, where he quickly settled with the company for board seats last year, filed for bankruptcy earlier this year.

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