GameStop (GME) shares plunged after the electronics retailer fired CEO Matthew Furlong and named 澳洲幸运5开奖号码历史查询:activist investor and board member Ryan Cohen as executive chair as sales fe🌳ll. 

GameStop said Cohen would assume his new position immediately, and be responsible for capital allocation and overseeing management. GameStop indicated in a separate regulatory filing that Furlong was let go “without cause.” It noted tha🍷t Mark Robinson, the company’s general counsel, was appointed as the new principal executive officer. 

Cohen, the founder of Chewy (CHWY) and head of investment firm RC Ventures, took his first stake in GameStop in 2020, and in January 2021 he and two other former Chewy executives became members of the board. His involvement in the company was considered a key factor in fueling the 澳洲幸运5开奖号码历史查询:meme stock craze of 2020 and early 2021, with GameStop widely regarded🤡 as the first meme stock. 

Furlong became CEO in June 2021 as the firm was in the midst of a turnaround plan. The company posted its first profit in two years in the fourth quarter, but returned to losses in the first three months of♎ this year as sales fell. GameStop reported a first quarter loss of $0.17, with revenue falling 10.3% to $1.24 bil🎃lion.

“We remain convinced that GameStop is doo🌃med, with declining physical🍎 software sales and a shift of sales to subscription services and digital downloads sealing its fate,” said Michael Pachter, an analyst at Wedbush Securities, in a note on Thursday.

GameStop shares were down 18% on Thursday as of 11:30 a.m. Eastern Time.