(Reuters) -GameStop said on Wednesday Matt Furlong has been terminated as CEO and the board has appointed billionaire Ryan Cohen as Executive Chairman, effective immediately.

Shares of the company fell over 5% in extended trading.

Billionaire investor Cohen, who co-founded online pet products retailer Chewy, has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company.

(Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra Eluri)