Video game retailer GameStop stock falls nearly 19% after CEO fired

GameStop fell about 19 per cent on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer’s ailing business.

The ousting of former Amazon executive Matt Furlong came alongside top shareholder Ryan Cohen's appointment as the executive chairman of a company that he turned into a favorite of meme-stock traders with promises of a digital pivot.

Yet GameStop was set to erase half of its gains for 2023 and about $1.3 billion in market value, with one analyst saying management change has been the only constant in recent years.