GameStop introduced it had terminated its chief government and that its board of administrators elected meme inventory icon Ryan Cohen as its government chair.

Cohen, who grew to become well-liked with meme inventory merchants for his investments within the online game retailer and now-bankrupt Mattress Bathtub & Past, was already GameStop’s chair. The corporate mentioned in an announcement saying Cohen’s elevation that, “in conjunction”, former chief government Matt Furlong “has been terminated”.

In an SEC submitting on Wednesday, the corporate mentioned Furlong was terminated on June 5 “with out trigger”. The submitting additionally mentioned Mark Robinson, the corporate’s normal counsel, was appointed its normal supervisor and principal government officer right this moment.

Shares plunged greater than 20 per cent in after-hour buying and selling on Wednesday as the corporate additionally reported first-quarter outcomes that fell in need of Wall Road forecasts.