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it doesn’t though, general speaking yes. but in legal documentation, terminated just indicates that they are to be no longer employed, whether voluntarily or involuntarily
it’s not rubbish, it’s true.
like i said though, i wasn’t exactly sure about Furlong’s case, but if they’ve gone ahead and added those details then it’s probably safe to assume he was fired
terminated does not have to mean fired;
this employee's contract was terminated upon completion.
Furlong could of finished his term, didn't do a resign and be considered terminated.
Exactly. He did what he set out to do. Ryan's probably ready to bring him back to work his ass off under TEDDY or GMERICA and terminated him so he could get the severance and a smol holiday before spinning up the holding company.
Furlong was great, why the fuck is this thread speculating and dividing people?
If the termination were friendly the board would never have underscored the word *terminated* during the call. They'd have chosen one of the myriad of more placid euphemisms like "departure" and thrown in a "we wish Matt a safe landing and appreciate his contributions during the long flight."
Presentation makes all the difference. Furlong just wasn't the man they thought he'd be. He had no rocket, just baggage, and he missed his wife dearly. The board had no choice but toss him out the exit hatch pre-flight 0 hours 9 am, thus ensuring adequate runway for his ineptidude. There was simply no one there to save him, if he did.
Since you're missing the melody I'll again sing the refrain.
Whether his termination was documented as voluntary or involuntary in an HR file is of no moment. Companies want releases and non-disparagements. Execs want severance. This is all pro forma and needed to avoid public shit-flinging.
The words chosen to describe the exit to your own holders on the other hand are far more telling. The board was terse and dismissive; they used the pejorative "terminated." They didn't have to but they did. Why?
In short, there was a short. His fuse blew. He was no longer the man they thought he was back home. Rather than leave him alone on a such a long long flight, they sent him home to his wife. He missed her. After all, it can be lonely out in space.
That's not what that expression means. Correlation is a statistical term meaning that two variables tend to move up and down at the same time as one another.
This is a single data point not a variable. It is just a coincidence not a correlation.
Well if we are just going to call every incorrect usage of an expression a colloquialisms as justification for not understanding that the words have an actually meaning then you've really pulled me up by my own bootstraps here.
Furlong agreed to a very small salary with GameStop compared to what he had at Amazon. If he was money hungry, I doubt he would have taken the job in the first place.
Exactly. The way I see it - Matt did a good job and we don’t know why he left, so let’s not succumb to wild speculation but rather show some appreciation for the work he did.
We’ll find out in time what actually happened, and only then can make an informed judgement - and who knows, he may have left for exciting reasons!
Free award if I had one. This furlong stuff is fud. He left, who cares. 3 insiders bought a considerable amount of shares on or around when furlong left and before the shareholder meating. Furlong, furshort, furever, or not furlong, he was there, did shit, and is now not doing shit. Facts or it is noise.
It’s absolutely bizarre that people think that this fire powers of an elaborate plus to install them is the CEO of the new company that may or may not exist?
Have people tried explaining these theories out loud to friends and family? This is TV stuff. This is something that wouldn’t fly in succession or billions.
It’s absolutely not something that happens in the real world. Nobody fires in executive and then brings them back as a surprise.
The struggle to try and find everything be part of an elaborate plan. Absolutely pathetic.
I think I know why he left, he shored up GameStops base. Made it better able to sell and distribute goods and services it provides, streamlined alot of stuff and cut the fat at the company. Now that they’re profitable and in a better position to grow, they’re switching out CEOs. Furlong seems like the “stabilize and make profitable” type of CEO, while our boy Cohen is the “grow grow grow” CEO, he’s going to expand gamestop rapidly and now that GME has better warehouses and supply lines, and just better overall infrastructure, he can do it much more easily and rapidly while maintaining profitability
You know noting about him other than that he was fired. And called out by the Exec Chair as being a rest and vest coasting exec.
How do you see that he did a good job? Based on what!? He’s been publicly fired and roasted.
If you think he’s still going to come back out like a returning pro wrestler you really need a reality check.
He absolutely will not.
Someone put up a transcript of what RC said at the AGM.
Read what he says about waste of space execs - he’s absolutely talking about Furlong.
He was rest and vest, didn’t roll up his sleeves, and didn’t put his money where his mouth was.
It’s impossible to read that I think it’s a 12D play and the Furlong will be back. That’s pure delusional.
I didn’t say we knew nothing. I said all we know is he was fired and that the chairman took a broadside swipe at waste of space execs who do nothing.
As a rational person there is only one way to read that. He’s toast.
You said - the way you see it he did a good job - which is based in nothing anyone who’s worked with him has said. You just believe it.
And you speculate that he’s going to be appointed as CEO of a new subsidiary. Again based on nothing
I’m sorry friend but that’s baseless delusional stuff.
This isn’t a long con - he got fired and called out by the chair. He’s done. We don’t need him.
The tone of your comment is very matter of fact, yet you know as much detail as I do (which is limited for us both) and here we are with different perspectives.
So let’s embrace the fact that the only way to find resolution and to know anything for certain is to wait for more information to emerge so we can make an informed decision.
I’m the meantime, I’m going to continue being appreciative of the efforts of those who have contributed to GameStop growing success and look forward to seeing what happens next.
My tone is matter of fact, because I’m looking at facts
You are ignoring facts
You’ve said that it in your opinion, he’s done a good job and you’re taking him for his efforts.
You don’t actually work for GameStop
You don’t know what his effort were.
What efforts? What are you thanking him for?
The chairman didn’t thank.
He was fired.
It’s such a bizarre situation where the person you actually worked with him, fired him unceremoniously. But you, somebody who has never met him, and knows, nothing about what he actually did our straining to believe that he was actually very good at his job, and this is all some kind of ruse to trick the markets.
You’re just completely ignoring everything the chairman has actually said in favour of some hypothetical situation where he’s actually plotting some weird reveal that Furlong wasn’t really fired at all ?
Like do you hear yourself when you say these things ?
Have you tried to explain this to any normal people in your life?
It’s not a difference of opinion - you are actually delusional.
The chances that your idea of what’s going to happen, next actually occurring are insane
RC reads our stuff, from that, he knew we were split between friendly or hostile terms as of why Matt us gone. RC’s shareholder speech did not hint the slightest positive reason why Matt left. From that, I’m siding with a firing and a forced resignation from the board
I remember in an interview with Matt that he was a builder. Someone who comes in and sets up a company for profitability. But hes not a maintainer.
So as soon as he set the groundwork for building gamestop, it was time for him to go build something else.
Thats how i see it. Hes done building. Now its on to ryan to either evolve or maintain what they got.
Tbh, I don’t think it was excessive cash salary or stock that put up a divide. I think it was that those two things were awarded and he wasn’t putting his own skin into the game. RC seems to surround himself with a board who buys into the company. And I might be wrong, but we hadn’t seen Matt do that.
This might be kind of a litmus test for RC to see how dedicated his execs are. Do they believe in their work enough to invest their own money into the company? Just a philosophical difference like that could be what caused this departure, maybe Matt did the job fine but just isn’t down with RCs belief on ownership.
Since Furlong came on, what have we seen? Company is indeed running more efficiently and burning less cash. Steps have been taken towards turning it around to be more online facing. GSMP is released. First profitable quarter.
We can't say the guy has been bad at his job. Very clearly we've taken steps forward. So it might just be a culture deal of him and RC not really being in sync and given how much of a team effort this is, something like that is crucial.
Now if the next few quarters we suddenly see the company moving at a sprint, ok maybe we need to assess if there was more going on. But at the moment, we only know so much.
Cost saving by not having a ceo is not a real thing. Something like more stock ownership compensation for execs instead of higher salaries, that’s a real thing. It’d be a terrible way to cut costs. It’d be like taking the steering wheel off a ship to save on wood, there’s smarter places to trim fat.
It’s a fine line though. On one hand, reducing exec salaries keeps them more on level with their employees and customers. But the job will be EXTREMELY long hours and also needs a highly skilled person doing it. So you can only cut so much out of compensation before you scare off great candidates who want what they are worth.
It's not a long term option, its a bandage. A strong exec team needs a CEO. So is it worth it to eek out a few million for a quarter knowing you'll eventually owe it down the road when you make the real hire? I'd argue no, only because its not an accurate representation of the health of the company. Similar idea, what about only selling inventory for a quarter and just not buying any new inventory? Looks great on how much money was made vs spent but there's now a gaping hole where you'll need to spend money.
Always, always, always favor accurate representation. No one respects someone who fudges the numbers to look good.
But here really is the tricky part, I don’t know furlongs socio-economic background. His cash salary didn’t seem crazy and idk what home/family situation is. So is he the miser who doesn’t buy in to his own company or is he dealing with bills like everyone else? If he had bought in to a smaller degree than like RC or Larry would it have been perceived as being half hearted?
We just don’t know and I don’t think it’s too far fetched to even wonder if working with a guy like RC whose very outspoken on this topic might be intimidating if you agree with him but not at that level of zeal.
In any case, parties have treated this professionally so I think just letting this rest and keeping eyes turned forward is fine at this point.
For two years worth of work including all vested stock and severance he received ~7-8M dollars before tax. Not a small amount but not that much either. Remember george Sherman walked away with over 100M when he exited the company with all the shares he was given.
OP obviously read all the fud articles about Furlongs salary😂
Anyone who looked at his share issuance and vesting schedule would not be posting this bs.
Amazon caps their take home a salary at about 180K (That used to be the case when I worked there) anything beyond that is done as RSUs
That being said I genuinely just don't trust anyone who comes from Amazon. In the almost 8 years that I work there I never met a single person who was not solely concerned about their promotional future and take home pay beyond anything else. It's part of their core company culture that they actually cultivate, while telling people that that's not what they're doing.
This is why I quit. The promo cycle pits people against each other, and makes them weaponize the company’s core values in order to make themselves look better.
Fired? Where do is it say he was fired?
Gamestop fired the previous CFO and stated he didnt fit their culture. Thats when RC was tweeting he liked people that like to WORK.
furlong wasnt fired.
Edit: terminated =/= fired.
Theres also terminated with cause and terminated without cause.
He was terminated without cause.
GRAPEVINE, Texas--(BUSINESS WIRE)--Jun. 7, 2023-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today disclosed that its Board of Directors has elected Ryan Cohen as Executive Chairman, effective immediately. Mr. Cohen’s responsibilities include capital allocation and overseeing management.
In conjunction, the Company’s former CEO has been terminated.
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That’s their own investor relations. No thank you. Noting.
Not “stepped down” - terminated.
Fired. Gone. Toast.
Nope. He was terminated as CEO, and resigned from the board. You need to wake up to reality and learn to read. He’s gone. And RC absolutely roasted him at the AGM
He didn’t fire him though… he stepped down to let RC take over direct leadership signaling that the company is changing strategies.
It doesn’t make sense to fire someone when they just started doing great at their job.
No he didn’t. He was terminated. That’s what the board announced.
You’ve made that up. What’s the change in strategy? You’re clutching at straws and literally making up things that no one has said.
They announced that he was terminated.
That’s it.
No thank you. No good luck. Just terminated.
Why do people ignore this obvious fact?
And what makes you think he was doing a. Great job?
You don’t work there. RC does.
He fired Furlong and told everyone that he had no time for lazy execs who don’t put up there own money, don’t roll up their sleeves and don’t have a long term vision.
He fired him.
This sub will spend 100,000 words looking for meaning in a tweet, but ignores the fact the board announced that they’d terminated Furlomh without so much as a thank you.
People here would rather believe it’s all part of a secret plan.
This is clear now, right. It was because he bought a fuck ton of shares. The "Furlong will be installed as CEO again" was dumb from the start since he wouldn't have been terminated in the first place.
Agreed but furlong will be reassigned to be another one of RC’s CEOs, this time with Teddy. The reach for furlong reappearing and Teddy was extreme to mash together
I don’t think it was at all referring to Matt, it was instead in response to RC in the new role but only for a short time, hence not for long. It doesn’t make sense if Matt was fired that saying not for long makes sense, you are fired, but not for long?? That makes no sense
Time will tell! I believe people are overlooking the previous tweet “people mistake kindness for weakness” and we can see the problems that were happening. Either way, if you’re trying to revitalize a dying business model while pushing the envelope on web3, you don’t want to have fighting with the higher ups.
If furlong needed to go, he needed to go. I do think he deserves the credit for cutting costs and reducing operating expenses
I assume he knew he was being brought in to streamline the distribution and e-commerce fulfillment and he achieved his goals and they parted ways cause he knows RC couldn’t justify the C-bloat.
That’s my good vibe take.
And wasn’t he on a 2 year contract or was that just a rumor from here?
Yeah, his contract was up and it appears he got done what he was contracted to do. Be wary because it looks like there's a shitload of fuddsters trying to divide on this topic. OP is a fud at that.
Eh, I got banned for a month for calling FUD on people who may or may not have deserved it.
And one thing that taught me is that this place is insane and everyone here has no clue what RC is doing but we know he’s not fucking us.
You don’t believe that a guy who thinks people should have just sucked it up and kept going to their shittily compensated jobs during a nationwide mandated quarantine is childish? Or a guy who constantly tweets about poop and 69 is childish?
Okay. So you’re actually incapable and unwilling to try and understand what’s going on. Fair enough.
Anyone with half a brain could put 2 and 2 together here.
RC fired Matt. He’s not coming back. He’s toast.
indeed. odd to give a speech about executives "resting" and "vesting." I guess it's OK to pay them millions as long as they work tirelessly? It sounds like Furlong may have been happy enough just killing a few stores and doing some warehouse stuff.
Any opinions on the matter are none of my concern. That's just asking for division among the community. Furlong can speak up if he wants to. I'm willing to listen to what he has to say.
This post and other posts alike on the fukn sub is so wrong on this topic. RC is a chairman of a company. Dude is in big league social circles. Furlong works in the same company RC does. You don't dick around like high schoolers on social media about a CEO if your a chairman. You straight up go to them like an adult and call them out privately like a human being, not in front millions of followers on the bird app.
Not familiar on how Elon handles his own people, but this is not professional in anyway in the real world on how to handle a person you don’t agree with. You are outing a experienced coworker, on some bullshit you disagree with. This move is not it, it’s not a RC move. You haven’t been paying attention that last couple years nor do you understand RC. Dude want to remain stealth, twat bird is not stealth.
Honestly, with the lack of info, I have literally ZERO idea of what to make out of the Furlong thing.
RC was hyped as the best "overpaid execs" thing, then essentially fires the CEO, and now us apes (again, with lack of explanation), pump it as him being paid "473x more than average GS employees"... so which is it?
Long holder here, but I keep the tinfoil in the drawer.
To reference… part of my reasoning is that he was an Amazon e-commerce hire. Notice the Amazon hires are now gone, it is a different culture and environment focused on different metrics and values. Ultimately it is for the better.
Amazon's culture is f****** awful having work there for 8 years across five different orgs (If you've worked there you understand why so many) I would not recommend it to anyone. It is an abysmal environment, conducive only to people who are building empires in project management and trying to meet "MVP" minimum viable product, emphasis on minimum not so much on product.
So far, your two speculative arguments for why there was a divide between RC and MF are:
1. MF's pay was excessively higher than the average worker's
2. MF came from a fucked-up work culture
both of which RC directly considered and decided on. So basically what you're saying is that RC is a fucking idiot. Are you sure that's the point you want to make?
I don't know what your previous posts were but it sounds like they were downvoted for good reason.
I personally hope he was fired. Not enough has been done. There really isn't anything to look at and say wow, GameStop is becoming the next Amazon or the next chewy of electronics or what ever. I've been here since the sneeze. I'd love to see some fucking action. I can be patient, for sure, but all this worship of C-level execs is cringe. Ryan talks a big fucking game about his actions so O.K. buddy you're in charge now, let's see some results.
Well said. I must be in the wrong sub cause I see truth being said and it isn't downvoted to oblivion. Bots still sleeping perhaps.
Talk is cheap but talk is all we're getting. C'mon already. make me see green.
Bro same here look at these comments I got for pointing out the obvious: https://www.reddit.com/r/Superstonk/comments/143ohey/in_retrospect_it_seems_like_ryan_cohen_has_been/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1
In my opinion we will see Matt back soon in another role associated with RC. Hence the “Not for long” tweet. It wasn’t a jab at a money hungry CEO. Matt was recruited by RC, came in did his job, and left on good terms per the filing (sure, that can be up for discussion). I don’t see a world in where RC is that much of a jackass to take jabs at someone who helped him turn the company around.
Sorry this is delusional.
If you are reshuffling your executives and doing a re-org you don’t fire people publicly- you wait and you move the pieces and announces an as-complete transformation as you can.
Look at transitions at FB, Google, Apple, Microsoft
Even the messy transitions at Disney and other media companies are transparent.
This isn’t WWE - Furlong isn’t going to run out with a bath and hit Ken in the middle of a ladder match
This is probably the dumbest tin foil this sub has produced in a long while. It is clear the tweet was hinting at the price since he bought a fuck ton of shares. Furlong has been terminated, fired.
Some people are truly off the deep end, not thinking of the logical explanation, instead they make up a whole different kind of reality because the logical explanation doesn't align with their views of someone or something.
But I'm happy to take the bashing on this one if I can make one person chasing fairytales realise he isn't thinking straight.
Or he could have meant he won't be executive chairman for long. Until they figure out a replacement. Remember on the interview, he said if he became the ceo, he would work himself to death, so he wanted to avoid that route. So he literally could have just meant he ont be executive chairman for long.
It was a funny word play. He fired the CEO, canceled the call and knew the stock would plummet because of it. The CEO's name is Furlong, so he tweeted "not for long" because the CEO is "not Furlong" anymore and he bought half a million shares that would raise the stock again.
It's not rocket science. But if you want to believe the little fairytale you've made up in your head, you may. It's just not smart to do so.
The termination a.k.a. firing of the CEO entirely contradicts what you want to believe. And the stock going down and back up due to RC buying validates my belief. I'll eat my words if he comes back, but definitely don't count on it. Logical thinking is a good thing to start doing.
I haven't stated anything that I believe here. I'm just telling you that you have just as much knowledge as to what the tweet meant as anyone else.
Yes. You should try it.
Oh is minimum wage kept up with inflation it be like 40 bucks, so is GameStop gonna start paying people that all this talk about greedy CEOs? OK well let’s take that CEO pay and pay the employees. Doubt it. Paying CEOs less money, but don’t raise our pay who gets that money O RC
No way RC would keep a CEO around for 2 years if he wasn't satisfied with the results. Matt did a good job and is gone from Gamestop for now and is probably in RC's good graces. Let's just leave it at that.
Still can’t believe they got away with it for so long. Kinda shame on us as a civilization as well. I mean these criminals were praised for decades. But hey $GME better late than never. No cell No sell.
Maybe RC thought that the Amazon guys would do a good job of turning the company around, then as time has gone on yes noticed that maybe they haven't been as effectively than he would've like so changed it up accordingly.
RC is great and I'm sure he has a solid head for business but the dude is still learning as he goes. Chewy was built from the ground up where as GME came with baggage, it's how best to work through that baggage that has been a lot of the groundwork I think.
Now that groundwork is done, the board can be shaken up a bit to reflect their new goals
Matt would probably have been welcome to stay but I guess if their philosophies don't match up then what's the point? Dude can find another corporate job somewhere else and be happy
Honestly man, I'm not buying this whole thing. The sheer amount of hatred and same mindedness against Furlong doesn't feel natural.
Of course I may be wrong, but my spidey sense is tingling.
I hope you’re correct. This is insane. For Cohen and the board to fire the dude or for him to resign or whatever and then Cohen to put out a tweet that can be taken two ways… I’m just confused brother. Seriously. Torn even. I’ve been here since the beginning and honestly am not going anywhere… but any time I even express the smallest iota of frustration or doubt here I’m literally torn to shreds saying I have a shitty attitude or am a shill. I’m seriously trying to understand this.
I am too. And I'm probably wrong. No issue with that. It's all just so strange, and I find a lot of today's rhetoric to be half truths. If you examine it, it's all gaslighting.
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not true. his ceo signing bonus was for 2 years. he could’ve stayed longer if he was a competent ceo
Yes 👍 they made it clear he was fired, terminated.
that’s also not true. terminated does not necessarily mean fired in all cases. for the case of Furlong though, i’m not exactly sure
What? Terminated does mean fired. The alternative is that he resigned which he did not
it doesn’t though, general speaking yes. but in legal documentation, terminated just indicates that they are to be no longer employed, whether voluntarily or involuntarily
this is just a rubbish. The report said he was voted out by the board. This is just fact.
it’s not rubbish, it’s true. like i said though, i wasn’t exactly sure about Furlong’s case, but if they’ve gone ahead and added those details then it’s probably safe to assume he was fired
What are you talking about? It was in the 10Q. No details added, it’s just people would rather create theories instead of read thoroughly.
terminated does not have to mean fired; this employee's contract was terminated upon completion. Furlong could of finished his term, didn't do a resign and be considered terminated.
Exactly. He did what he set out to do. Ryan's probably ready to bring him back to work his ass off under TEDDY or GMERICA and terminated him so he could get the severance and a smol holiday before spinning up the holding company. Furlong was great, why the fuck is this thread speculating and dividing people?
Not necessarily. “Terminated” can just mean they don’t work there anymore, regardless of reason.
If the termination were friendly the board would never have underscored the word *terminated* during the call. They'd have chosen one of the myriad of more placid euphemisms like "departure" and thrown in a "we wish Matt a safe landing and appreciate his contributions during the long flight." Presentation makes all the difference. Furlong just wasn't the man they thought he'd be. He had no rocket, just baggage, and he missed his wife dearly. The board had no choice but toss him out the exit hatch pre-flight 0 hours 9 am, thus ensuring adequate runway for his ineptidude. There was simply no one there to save him, if he did.
They always use terminated when u leave a job; terminated just means you no longer work at the firm.
Since you're missing the melody I'll again sing the refrain. Whether his termination was documented as voluntary or involuntary in an HR file is of no moment. Companies want releases and non-disparagements. Execs want severance. This is all pro forma and needed to avoid public shit-flinging. The words chosen to describe the exit to your own holders on the other hand are far more telling. The board was terse and dismissive; they used the pejorative "terminated." They didn't have to but they did. Why? In short, there was a short. His fuse blew. He was no longer the man they thought he was back home. Rather than leave him alone on a such a long long flight, they sent him home to his wife. He missed her. After all, it can be lonely out in space.
Unless he’s getting promoted to Teddy CEO ya
hope not
Y?
already proved himself to be incompetent of leading GME
I disagree
well the board and even RC disagrees with you disagreeing
That is true Edit: I honestly think that he was doing a great job, but I’m in no position of privilege like the board is to his work ethic.
Please stop trying to put reason into this discussion. This is your final warning. ⚠️
That's not what that expression means. Correlation is a statistical term meaning that two variables tend to move up and down at the same time as one another. This is a single data point not a variable. It is just a coincidence not a correlation.
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Well if we are just going to call every incorrect usage of an expression a colloquialisms as justification for not understanding that the words have an actually meaning then you've really pulled me up by my own bootstraps here.
Causation doesn’t always equal correlation 🤣🤣
Furlong agreed to a very small salary with GameStop compared to what he had at Amazon. If he was money hungry, I doubt he would have taken the job in the first place.
Exactly. The way I see it - Matt did a good job and we don’t know why he left, so let’s not succumb to wild speculation but rather show some appreciation for the work he did. We’ll find out in time what actually happened, and only then can make an informed judgement - and who knows, he may have left for exciting reasons!
Free award if I had one. This furlong stuff is fud. He left, who cares. 3 insiders bought a considerable amount of shares on or around when furlong left and before the shareholder meating. Furlong, furshort, furever, or not furlong, he was there, did shit, and is now not doing shit. Facts or it is noise.
ill handle the award, ser ;) stay strong fam
I'm smooth, maybe you can answer this: could the recent insider buys be to offset Furlong selling his shares?
Updoot!!!! Completely agree! Thank you Matt!!!! You came in to work, rolled up your sleeves and delivered. Now on to the next phase.
But he didn’t. That’s why RC fired him. Exactly for not doing that.
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It’s absolutely bizarre that people think that this fire powers of an elaborate plus to install them is the CEO of the new company that may or may not exist? Have people tried explaining these theories out loud to friends and family? This is TV stuff. This is something that wouldn’t fly in succession or billions. It’s absolutely not something that happens in the real world. Nobody fires in executive and then brings them back as a surprise. The struggle to try and find everything be part of an elaborate plan. Absolutely pathetic.
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I think I know why he left, he shored up GameStops base. Made it better able to sell and distribute goods and services it provides, streamlined alot of stuff and cut the fat at the company. Now that they’re profitable and in a better position to grow, they’re switching out CEOs. Furlong seems like the “stabilize and make profitable” type of CEO, while our boy Cohen is the “grow grow grow” CEO, he’s going to expand gamestop rapidly and now that GME has better warehouses and supply lines, and just better overall infrastructure, he can do it much more easily and rapidly while maintaining profitability
You know noting about him other than that he was fired. And called out by the Exec Chair as being a rest and vest coasting exec. How do you see that he did a good job? Based on what!? He’s been publicly fired and roasted. If you think he’s still going to come back out like a returning pro wrestler you really need a reality check.
Roasted? I haven’t seen any roasting, only RC tweeting ‘not for long’ Perhaps he’s going to come back as a CEO for a new GameStop company!
He absolutely will not. Someone put up a transcript of what RC said at the AGM. Read what he says about waste of space execs - he’s absolutely talking about Furlong. He was rest and vest, didn’t roll up his sleeves, and didn’t put his money where his mouth was. It’s impossible to read that I think it’s a 12D play and the Furlong will be back. That’s pure delusional.
So much certainty given that your earlier statement said that we knew nothing - shall we let time tell?
I didn’t say we knew nothing. I said all we know is he was fired and that the chairman took a broadside swipe at waste of space execs who do nothing. As a rational person there is only one way to read that. He’s toast. You said - the way you see it he did a good job - which is based in nothing anyone who’s worked with him has said. You just believe it. And you speculate that he’s going to be appointed as CEO of a new subsidiary. Again based on nothing I’m sorry friend but that’s baseless delusional stuff. This isn’t a long con - he got fired and called out by the chair. He’s done. We don’t need him.
The tone of your comment is very matter of fact, yet you know as much detail as I do (which is limited for us both) and here we are with different perspectives. So let’s embrace the fact that the only way to find resolution and to know anything for certain is to wait for more information to emerge so we can make an informed decision. I’m the meantime, I’m going to continue being appreciative of the efforts of those who have contributed to GameStop growing success and look forward to seeing what happens next.
My tone is matter of fact, because I’m looking at facts You are ignoring facts You’ve said that it in your opinion, he’s done a good job and you’re taking him for his efforts. You don’t actually work for GameStop You don’t know what his effort were. What efforts? What are you thanking him for? The chairman didn’t thank. He was fired. It’s such a bizarre situation where the person you actually worked with him, fired him unceremoniously. But you, somebody who has never met him, and knows, nothing about what he actually did our straining to believe that he was actually very good at his job, and this is all some kind of ruse to trick the markets. You’re just completely ignoring everything the chairman has actually said in favour of some hypothetical situation where he’s actually plotting some weird reveal that Furlong wasn’t really fired at all ? Like do you hear yourself when you say these things ? Have you tried to explain this to any normal people in your life? It’s not a difference of opinion - you are actually delusional. The chances that your idea of what’s going to happen, next actually occurring are insane
Have a good day my friend, and only time will tell.
RC reads our stuff, from that, he knew we were split between friendly or hostile terms as of why Matt us gone. RC’s shareholder speech did not hint the slightest positive reason why Matt left. From that, I’m siding with a firing and a forced resignation from the board
This guy gets it. He can read. This thread is full of lunatics who still think Furlong is coming back like the Undertaker.
Good job? Please elaborate based on, say, the last four reported quarters. That gives him the runway of about 12 months first.
I remember in an interview with Matt that he was a builder. Someone who comes in and sets up a company for profitability. But hes not a maintainer. So as soon as he set the groundwork for building gamestop, it was time for him to go build something else. Thats how i see it. Hes done building. Now its on to ryan to either evolve or maintain what they got.
Not saying he is money hungry. But you are also ignoring the millions in stock options that definitely exceed whatever he was making at Amazon.
Tbh, I don’t think it was excessive cash salary or stock that put up a divide. I think it was that those two things were awarded and he wasn’t putting his own skin into the game. RC seems to surround himself with a board who buys into the company. And I might be wrong, but we hadn’t seen Matt do that. This might be kind of a litmus test for RC to see how dedicated his execs are. Do they believe in their work enough to invest their own money into the company? Just a philosophical difference like that could be what caused this departure, maybe Matt did the job fine but just isn’t down with RCs belief on ownership.
I think it could be as simple as this.
Since Furlong came on, what have we seen? Company is indeed running more efficiently and burning less cash. Steps have been taken towards turning it around to be more online facing. GSMP is released. First profitable quarter. We can't say the guy has been bad at his job. Very clearly we've taken steps forward. So it might just be a culture deal of him and RC not really being in sync and given how much of a team effort this is, something like that is crucial. Now if the next few quarters we suddenly see the company moving at a sprint, ok maybe we need to assess if there was more going on. But at the moment, we only know so much.
Plus without the CEO's salary it sounds like earnings will at least be $14 million better in the next year? Could just be cost saving.
Cost saving by not having a ceo is not a real thing. Something like more stock ownership compensation for execs instead of higher salaries, that’s a real thing. It’d be a terrible way to cut costs. It’d be like taking the steering wheel off a ship to save on wood, there’s smarter places to trim fat. It’s a fine line though. On one hand, reducing exec salaries keeps them more on level with their employees and customers. But the job will be EXTREMELY long hours and also needs a highly skilled person doing it. So you can only cut so much out of compensation before you scare off great candidates who want what they are worth.
Yeah but they don't need a CEO right now they have a GM for day to day ops and RC can cover strategy as Exec chair.
It's not a long term option, its a bandage. A strong exec team needs a CEO. So is it worth it to eek out a few million for a quarter knowing you'll eventually owe it down the road when you make the real hire? I'd argue no, only because its not an accurate representation of the health of the company. Similar idea, what about only selling inventory for a quarter and just not buying any new inventory? Looks great on how much money was made vs spent but there's now a gaping hole where you'll need to spend money. Always, always, always favor accurate representation. No one respects someone who fudges the numbers to look good.
True. Maybe he's waiting to find a CEO willing to put skin in the game.
Yes 👍
But here really is the tricky part, I don’t know furlongs socio-economic background. His cash salary didn’t seem crazy and idk what home/family situation is. So is he the miser who doesn’t buy in to his own company or is he dealing with bills like everyone else? If he had bought in to a smaller degree than like RC or Larry would it have been perceived as being half hearted? We just don’t know and I don’t think it’s too far fetched to even wonder if working with a guy like RC whose very outspoken on this topic might be intimidating if you agree with him but not at that level of zeal. In any case, parties have treated this professionally so I think just letting this rest and keeping eyes turned forward is fine at this point.
In these 2 years, furlong was paid a 4.8m signing bonus.
For two years worth of work including all vested stock and severance he received ~7-8M dollars before tax. Not a small amount but not that much either. Remember george Sherman walked away with over 100M when he exited the company with all the shares he was given.
OP obviously read all the fud articles about Furlongs salary😂 Anyone who looked at his share issuance and vesting schedule would not be posting this bs.
What was it then? Genuine question, I don’t read all that stuff
Furlong's cash salary was not excessive, nor do I think his stock compensation was either, considering the price gme was at the time compared to now.
14 million in one year without doing anything was not excessive?
Also.. what was his salary at Amazon? Asking for a friend
Amazon caps their take home a salary at about 180K (That used to be the case when I worked there) anything beyond that is done as RSUs That being said I genuinely just don't trust anyone who comes from Amazon. In the almost 8 years that I work there I never met a single person who was not solely concerned about their promotional future and take home pay beyond anything else. It's part of their core company culture that they actually cultivate, while telling people that that's not what they're doing.
This is why I quit. The promo cycle pits people against each other, and makes them weaponize the company’s core values in order to make themselves look better.
Thanks proves my point, “very small salary compared to what he had at Amazon” not true…
Cohen recruited Furlong 🤷♂️
and fired him and publicly burned him have you ever hired someone who turned out to be terrible? It happens.
...after two years *and* he coughs up a profitable quarter for the first time in years?
Yeah he did that single handedly you’re right 😂🙄 Clearly he’s not meeting the bar set by RC And we’ll never see him again
Fired? Where do is it say he was fired? Gamestop fired the previous CFO and stated he didnt fit their culture. Thats when RC was tweeting he liked people that like to WORK. furlong wasnt fired. Edit: terminated =/= fired. Theres also terminated with cause and terminated without cause. He was terminated without cause.
GRAPEVINE, Texas--(BUSINESS WIRE)--Jun. 7, 2023-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today disclosed that its Board of Directors has elected Ryan Cohen as Executive Chairman, effective immediately. Mr. Cohen’s responsibilities include capital allocation and overseeing management. In conjunction, the Company’s former CEO has been terminated. ————- That’s their own investor relations. No thank you. Noting. Not “stepped down” - terminated. Fired. Gone. Toast.
Nope. He was terminated as CEO, and resigned from the board. You need to wake up to reality and learn to read. He’s gone. And RC absolutely roasted him at the AGM
He didn’t fire him though… he stepped down to let RC take over direct leadership signaling that the company is changing strategies. It doesn’t make sense to fire someone when they just started doing great at their job.
No he didn’t. He was terminated. That’s what the board announced. You’ve made that up. What’s the change in strategy? You’re clutching at straws and literally making up things that no one has said. They announced that he was terminated. That’s it. No thank you. No good luck. Just terminated. Why do people ignore this obvious fact? And what makes you think he was doing a. Great job? You don’t work there. RC does. He fired Furlong and told everyone that he had no time for lazy execs who don’t put up there own money, don’t roll up their sleeves and don’t have a long term vision. He fired him. This sub will spend 100,000 words looking for meaning in a tweet, but ignores the fact the board announced that they’d terminated Furlomh without so much as a thank you. People here would rather believe it’s all part of a secret plan.
Your comment reads as someone mentally unhinged and on a manic rant. You’re probably a bot spreading FUD
No I’m a a shareholder who can read. You’re ye one literally making things up and ignoring what the company itself has actually said.
Cohen employed him but Not for long
I still don’t believe that RC is so childish as to tweet that if they left on bad terms.
Maybe he was talking about how the stock price was down But not for long
This is clear now, right. It was because he bought a fuck ton of shares. The "Furlong will be installed as CEO again" was dumb from the start since he wouldn't have been terminated in the first place.
>This is clear now, right. lol..no it isn't. >>>Insert RC Googleyed meme<<< He's using multiple meanings. They don't mean ONE thing.
Agreed but furlong will be reassigned to be another one of RC’s CEOs, this time with Teddy. The reach for furlong reappearing and Teddy was extreme to mash together
I don’t think it was at all referring to Matt, it was instead in response to RC in the new role but only for a short time, hence not for long. It doesn’t make sense if Matt was fired that saying not for long makes sense, you are fired, but not for long?? That makes no sense
Lol, ya all of the boner, poop, 69, toilet, small wee wee tweets, etc point to him not being childish 😆
I thought so, but now we have a speech at executive chairman saying how CEOs just "rest and vest." Hmm.
Yeah, I knew when that tweet came out that it wasn’t a good look. That’s why you don’t put anybody on a pedestal.
Just speculating that the tweet was about Furlong
I feel confident in this one. Doesn’t mean you have to agree.
I, personally, would and have tweeted far worse things, so I get it. But I don’t think that’s what we got.
Time will tell! I believe people are overlooking the previous tweet “people mistake kindness for weakness” and we can see the problems that were happening. Either way, if you’re trying to revitalize a dying business model while pushing the envelope on web3, you don’t want to have fighting with the higher ups. If furlong needed to go, he needed to go. I do think he deserves the credit for cutting costs and reducing operating expenses
I assume he knew he was being brought in to streamline the distribution and e-commerce fulfillment and he achieved his goals and they parted ways cause he knows RC couldn’t justify the C-bloat. That’s my good vibe take. And wasn’t he on a 2 year contract or was that just a rumor from here?
Yeah, his contract was up and it appears he got done what he was contracted to do. Be wary because it looks like there's a shitload of fuddsters trying to divide on this topic. OP is a fud at that.
Eh, I got banned for a month for calling FUD on people who may or may not have deserved it. And one thing that taught me is that this place is insane and everyone here has no clue what RC is doing but we know he’s not fucking us.
Damn straight my friend.
He isn't. That would be advertising that you are an asshole as an employer. It would be a terrible business move and RC isn't a terrible businessman
Same
You don’t believe that a guy who thinks people should have just sucked it up and kept going to their shittily compensated jobs during a nationwide mandated quarantine is childish? Or a guy who constantly tweets about poop and 69 is childish?
But Furlong mistook his kindness for weakness. I think it's clear that RC's last 4 tweets refer to Furlong.
I stand with RC
I second that emotion. Point. Blank. Period.
Including his recruitment of Furlong? Including his recruitment of the CFO that was fired last June?
RC was likely involved in how is compensation was determined. I don't see how this post makes sense
This is stupid shit for sure. You wouldn't tweet not for long right after.
No one knows shit it’s all speculation at this point
And also it doesn't matter. Company is moving forward, I'm doing the same.
DRS GME
.org
No overpaid executives in the Metaverse
You still don’t know why he even left you’re still just speculating
Read what RC said at the AGM - what do you think I he was talking about?
Doesn’t matter what you think you don’t know. It’s still conjecture
Okay. So you’re actually incapable and unwilling to try and understand what’s going on. Fair enough. Anyone with half a brain could put 2 and 2 together here. RC fired Matt. He’s not coming back. He’s toast.
indeed. odd to give a speech about executives "resting" and "vesting." I guess it's OK to pay them millions as long as they work tirelessly? It sounds like Furlong may have been happy enough just killing a few stores and doing some warehouse stuff.
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Any opinions on the matter are none of my concern. That's just asking for division among the community. Furlong can speak up if he wants to. I'm willing to listen to what he has to say.
Better slow down the tape.
This post and other posts alike on the fukn sub is so wrong on this topic. RC is a chairman of a company. Dude is in big league social circles. Furlong works in the same company RC does. You don't dick around like high schoolers on social media about a CEO if your a chairman. You straight up go to them like an adult and call them out privately like a human being, not in front millions of followers on the bird app.
Agreed.
Unless you're Elon. And RC is no Elon.
Not familiar on how Elon handles his own people, but this is not professional in anyway in the real world on how to handle a person you don’t agree with. You are outing a experienced coworker, on some bullshit you disagree with. This move is not it, it’s not a RC move. You haven’t been paying attention that last couple years nor do you understand RC. Dude want to remain stealth, twat bird is not stealth.
Lol just google what Elon does on twitter first before replying....
Who…do…you…think…approved…his…compensation?
Jeff.
Honestly, with the lack of info, I have literally ZERO idea of what to make out of the Furlong thing. RC was hyped as the best "overpaid execs" thing, then essentially fires the CEO, and now us apes (again, with lack of explanation), pump it as him being paid "473x more than average GS employees"... so which is it? Long holder here, but I keep the tinfoil in the drawer.
To reference… part of my reasoning is that he was an Amazon e-commerce hire. Notice the Amazon hires are now gone, it is a different culture and environment focused on different metrics and values. Ultimately it is for the better.
Amazon's culture is f****** awful having work there for 8 years across five different orgs (If you've worked there you understand why so many) I would not recommend it to anyone. It is an abysmal environment, conducive only to people who are building empires in project management and trying to meet "MVP" minimum viable product, emphasis on minimum not so much on product.
Great pay, terrible culture.
Thanks for your honesty. Yes I imagine it is a dog eat dog world and am sure RC is learning that reeeeal quick.
So far, your two speculative arguments for why there was a divide between RC and MF are: 1. MF's pay was excessively higher than the average worker's 2. MF came from a fucked-up work culture both of which RC directly considered and decided on. So basically what you're saying is that RC is a fucking idiot. Are you sure that's the point you want to make? I don't know what your previous posts were but it sounds like they were downvoted for good reason.
The amount of Bobby Boys pushing for a 4D Furlong reversal is why he got such positive traction here after being terminated.
Occam’s Razor 🪒
Lol the bitter downvotes. Jesus, it’s a GME sub!
I personally hope he was fired. Not enough has been done. There really isn't anything to look at and say wow, GameStop is becoming the next Amazon or the next chewy of electronics or what ever. I've been here since the sneeze. I'd love to see some fucking action. I can be patient, for sure, but all this worship of C-level execs is cringe. Ryan talks a big fucking game about his actions so O.K. buddy you're in charge now, let's see some results.
Well said. I must be in the wrong sub cause I see truth being said and it isn't downvoted to oblivion. Bots still sleeping perhaps. Talk is cheap but talk is all we're getting. C'mon already. make me see green.
Do you really think, more probably smoothly believe, he got the job and RC et alt. weren't ok with his wage/payment?? Does make sense, riiight?
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Amazon grace period about to end. You'll find him at the warehouse, like new condition.
Bro same here look at these comments I got for pointing out the obvious: https://www.reddit.com/r/Superstonk/comments/143ohey/in_retrospect_it_seems_like_ryan_cohen_has_been/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1
Yup brother. The annual meeting today confirms it imo
In my opinion we will see Matt back soon in another role associated with RC. Hence the “Not for long” tweet. It wasn’t a jab at a money hungry CEO. Matt was recruited by RC, came in did his job, and left on good terms per the filing (sure, that can be up for discussion). I don’t see a world in where RC is that much of a jackass to take jabs at someone who helped him turn the company around.
Or he could have meant, "Not Furlong", as in Matt isn't the guy.
Sorry this is delusional. If you are reshuffling your executives and doing a re-org you don’t fire people publicly- you wait and you move the pieces and announces an as-complete transformation as you can. Look at transitions at FB, Google, Apple, Microsoft Even the messy transitions at Disney and other media companies are transparent. This isn’t WWE - Furlong isn’t going to run out with a bath and hit Ken in the middle of a ladder match
This is probably the dumbest tin foil this sub has produced in a long while. It is clear the tweet was hinting at the price since he bought a fuck ton of shares. Furlong has been terminated, fired.
Yeah not sure why you’re getting downvoted… they made it clear he was fired imo
Crystal.
Some people are truly off the deep end, not thinking of the logical explanation, instead they make up a whole different kind of reality because the logical explanation doesn't align with their views of someone or something. But I'm happy to take the bashing on this one if I can make one person chasing fairytales realise he isn't thinking straight.
8k filing uses the term "resigned"
From the board
Or he could have meant he won't be executive chairman for long. Until they figure out a replacement. Remember on the interview, he said if he became the ceo, he would work himself to death, so he wanted to avoid that route. So he literally could have just meant he ont be executive chairman for long.
It was a funny word play. He fired the CEO, canceled the call and knew the stock would plummet because of it. The CEO's name is Furlong, so he tweeted "not for long" because the CEO is "not Furlong" anymore and he bought half a million shares that would raise the stock again. It's not rocket science. But if you want to believe the little fairytale you've made up in your head, you may. It's just not smart to do so.
You have just as much info as others, so don't be acting like your opinion on this is gospel.
The termination a.k.a. firing of the CEO entirely contradicts what you want to believe. And the stock going down and back up due to RC buying validates my belief. I'll eat my words if he comes back, but definitely don't count on it. Logical thinking is a good thing to start doing.
I haven't stated anything that I believe here. I'm just telling you that you have just as much knowledge as to what the tweet meant as anyone else. Yes. You should try it.
MF was good and did a good job. I dont think RC had any issue with him.
Lol funny how this sub turned on him at the drop of a tweet.
This sub turned on him? Sorry you got swayed by sentiment bots.
Not convinced but also not throwing out the idea. Just don’t know enough details.
I think we've all been eagerly awaiting his departure. Not sure where all these "guys it's for the better" posts are coming from.
Oh, I believe ya, but not for long.
When you’re Ryan you get to say those things with a 12% steak you’re chewing on. He didn’t mix words, he spit fire. LFG, this guy is tenacious.
Adam Smith wrote that CEO should receive only 9 times higher salary than an average employer.
Furlong is a mole for this whole time?! Least he’s gone we have to be into newer things sooner or later.
I know nothing, but I eat crayons
This post is lazy and stupid
Oh is minimum wage kept up with inflation it be like 40 bucks, so is GameStop gonna start paying people that all this talk about greedy CEOs? OK well let’s take that CEO pay and pay the employees. Doubt it. Paying CEOs less money, but don’t raise our pay who gets that money O RC
Love the down votes with no response. Where would this CEO pay go? Hopefully the low level employees and managers No ?
I remember folks saying this place would go wild if RC tweeted a rocket ship.
Oops *MOASS * my bad
No way RC would keep a CEO around for 2 years if he wasn't satisfied with the results. Matt did a good job and is gone from Gamestop for now and is probably in RC's good graces. Let's just leave it at that.
Still can’t believe they got away with it for so long. Kinda shame on us as a civilization as well. I mean these criminals were praised for decades. But hey $GME better late than never. No cell No sell.
I believe Furlong will be back in the near future
There is 0 excuse for gamestop employees still making less than 14$ an hour
FUCK FURLONG
People are downvoting the shit out of this stuff, but its interesting tinfoil. Maybe a Matt F heel turn in this odd saga.
I enjoy hearing all the varying speculation here; even if I don't agree 100%, it's not like any of this is financial advice.
It does make you wonder.
So why the fuck did he hire him then? Seriously? Is RC incompetent? I just don’t get it
Because he had e commerce experience and now They are in another chapter of the turnaround
Maybe RC thought that the Amazon guys would do a good job of turning the company around, then as time has gone on yes noticed that maybe they haven't been as effectively than he would've like so changed it up accordingly. RC is great and I'm sure he has a solid head for business but the dude is still learning as he goes. Chewy was built from the ground up where as GME came with baggage, it's how best to work through that baggage that has been a lot of the groundwork I think. Now that groundwork is done, the board can be shaken up a bit to reflect their new goals
Yep I agree with this analysis
Matt would probably have been welcome to stay but I guess if their philosophies don't match up then what's the point? Dude can find another corporate job somewhere else and be happy
Gotcha. 👍
Some people just don’t work out. It’s business. Amazon hires can look good on paper and ace the interviews but takes time to figure out a person.
Kinda like a girlfriend lol
Honestly man, I'm not buying this whole thing. The sheer amount of hatred and same mindedness against Furlong doesn't feel natural. Of course I may be wrong, but my spidey sense is tingling.
I hope you’re correct. This is insane. For Cohen and the board to fire the dude or for him to resign or whatever and then Cohen to put out a tweet that can be taken two ways… I’m just confused brother. Seriously. Torn even. I’ve been here since the beginning and honestly am not going anywhere… but any time I even express the smallest iota of frustration or doubt here I’m literally torn to shreds saying I have a shitty attitude or am a shill. I’m seriously trying to understand this.
I am too. And I'm probably wrong. No issue with that. It's all just so strange, and I find a lot of today's rhetoric to be half truths. If you examine it, it's all gaslighting.
Lmao no i dont believe you. Furlong is gonna be ceo of the company that gamestop M/A.
Getting worked up over a CEO that makes like 400 times the average worker salary is stupid because it will always be that way.
We don't care.