GameStop’s CEO has been fired, and the company is being overseen by Ryan Cohen, an activist investor who helped spark a run on GameStop that turned it into a meme stock.

Cohen disclosed his substantial stake in GameStop in late 2020, a disclosure that helped spark a massive stock price rally and establish GameStop as a meme stock.

In a company press release, GameStop says CEO Matt Furlong has been fired. While no replacement has been selected yet, Cohen was elected Executive Chairman, effectively putting him in control of the company.

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.

The news is a fitting turn of events: the meme stock company is now run by a meme stock investor.