GameStop terminates CEO Furlong, names Cohen as executive chairman

Shares of GameStop are plunging before the opening bell after the company fired CEO Matthew Furlong, the former Amazon executive that was brought in two years ago to turn the struggling video game retailer around.  

The company gave no reason for the dismissal and named Ryan Cohen, the company's biggest investor, as executive chairman. Cohen sent a cryptic tweet that read “Not for long” around the time the company announced Furlong's firing.  

GameStop said Cohen will oversee investment and management of the company.  

Shares tumbled more than 19% in premarket trading Thursday.