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 for the company.
GameStop briefly addressed the changes in a regulatory filing for its quarterly earnings.
"We believe the combination of these efforts to stabilize and optimize our core business I achieve sustained profitability while also focusing on capital allocation under Mr. Cohen's leadership will further unlock long-term value creation for our stockholders," the company said.
Shares tumbled more than 22% this week.
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