GameStop CEO Fired, Stock Plummeting: Can Ryan Cohen Save the Company?

GameStop’s shares took a hit after the company announced on Thursday that their CEO, George Sherman, would be stepping down. This news follows a major shake-up in GameStop’s executive leadership, which saw the addition of Ryan Cohen, co-founder of Chewy, to the board of directors earlier this year.

Investors were concerned about what this latest news would mean for the struggling video game retailer, with shares plunging almost 10% in after-hours trading on Thursday. Many are wondering if Cohen, who has been pushing for changes at the company since taking a large stake in it last year, can save GameStop.

This news comes on the same day that GameStop was among the stocks making the biggest premarket moves, alongside Wynn Resorts, Lucid, Adobe, and more. It remains to be seen how this latest development will affect the company and its stock in the long term.