Reuters GameStop fell about 19 on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer39;s ailing business.

The ousting of former Amazon.com executive Matt Furlong came alongside top shareholder Ryan Cohen39;s appointment as the executive chairman of a company that he turned into a favorite of memestock traders with promises of a digital pivot.

Yet GameStop was set to erase half of its gains for 2023 and about 1.3 billion in market value, with one analyst saying management change has been the only constant in recent years.

It39;s hard to have an opinion with no earnings call, littletono investor communication, and lack of consistent strategic vision, Andrew Uerkwitz of Jefferies said.

One consistency remains, changes at the top. Over the last 5 years, GameStop has had 5 CEOs and 3 CFOs.

Uerkwitz is among the last few analysts who cover GameStop after a massive pandemicera rally, that was driven by traders banding together on Reddit, prompted several brokerages to say the stock price had decoupled from its fundamentals.

The company39;s shares have dropped nearly 80 from the 120.75 peak they hit during the memestock saga of 2021. The stock has a 12month trailing pricetosales ratio of 1.38, compared with Best Buy39;s 0.37, according to Refinitiv.

GameStop has also struggled to deliver on Cohen39;s pledge of making it the Amazon of videogame…