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

Cohen, who turned standard with meme inventory merchants for his investments within the online game retailer and now-bankrupt Mattress Tub & Past, was already GameStop’s chair. The corporate mentioned in an announcement asserting Cohen’s elevation that, “in conjunction”, former CEO 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 as we speak.

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 Avenue forecasts.