GameStop slides nearly 20% after ousting of chief executive Matthew Furlong

Shares of meme stock favorite $GameStop (GME.US)$ slid nearly 20% in after-hours trading on Wednesday after the company disclosed the termination of chief executive Matthew Furlong.
The company did not provide a reason for Furlong's ousting. GameStop said board chairman Ryan Cohen would assume the role of executive chairman. A company filing with the Securities and Exchange Commission said Furlong was fired on Monday, but he will still receive some payments and benefits in relation to "a termination without cause."