GameStop announced it had terminated its chief executive and that its board of directors elected meme stock icon Ryan Cohen as its executive chair.

Cohen, who became popular with meme stock traders for his investments in the video game retailer and now-bankrupt Bed Bath & Beyond, was already GameStop’s chair. The company said in a statement announcing Cohen’s elevation that, “in conjunction”, former chief executive Matt Furlong “has been terminated”.

In an SEC filing on Wednesday, the company said Furlong was terminated on June 5 “without cause”. The filing also said Mark Robinson, the company’s general counsel, was appointed its general manager and principal executive officer today.

Shares plunged more than 20 per cent in after-hour trading on Wednesday as the company also reported first-quarter results that fell short of Wall Street forecasts.