The CEO has been sacked at Grapevine-based GameStop which released a terse statement after the stock markets closed Wednesday.
Matthew Furlong is out and has been replaced by Chairman of the Board Ryan Cohen who, according to the statement, will be responsible for "capital allocation" and will "oversee the management team."
Furlong's firing is almost exactly two years after GameStop brought the former Amazon.com executive back to the United States from Australia where he was working, according to Reuters.
The statement gives no reason for Furlong's ouster. GameStop shares lost about 20 percent of their value in after-hours trading.
GameStop, which is valued at nearly $8 billion, agreed to make Cohen executive chairman and decreased the size of its board of directors from six to five, according to regulatory filings.
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