GameStop CEO Steps Down with a $170 Million Pay Out Published April 28th, 2021 - 05:00 GMT
GameStop s shares were around $177 Tuesday, a stratospheric rise from around $5 last summer; they skyrocketed in January thanks to traders on Reddit. (Shutterstock)
Highlights
Despite that, he will walk away with a sweetheart deal turbocharged by Reddit
The outgoing Gamestop CEO is leaving the company after just two years with a $170million pay out thanks to Redditers who boosted the retailer s value.
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George Sherman will step down as chief executive officer at the end of July following a tenure marked by falling sales and losses of $700 million.
GameStop CEO - who oversaw falling sales and losses of $700m - leaves with $170million payout thanks to Redditors who boosted company value
George Sherman will step down as chief executive officer at the end of July following a tenure marked by falling sales and losses of $700 million
Despite that, he will walk away with a sweetheart deal turbocharged by Reddit
Sherman, who has been CEO since April 2019, already forfeited $98 million worth of stock this month because he did not meet performance targets
But he stands to receive a stock payout currently worth around $170 million
That s because GameStop granted him more shares linked to his tenure at the company rather than to his performance as most companies do with their CEO
TechnologyHow a sweetheart deal gives GameStop CEO a $179 mln goodbye gift
Jessica Dinapoli
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The GameStop store sign is seen at its shop in Westminster, Colorado January 14, 2014. REUTERS/Rick Wilking
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Gamestop Corp (GME.N) chief executive George Sherman can step down this summer with a $179 million windfall that dwarfs CEO salaries at many larger corporations thanks to a sweetheart deal that was turbocharged by this yearâs furious meme stock rally, compensation experts said.
GameStop said on Monday that Sherman would step down by July 31. The struggling U.S. videogame retailer has been seeking a new leader to work on its e-commerce transition with chairman Ryan Cohen, the billionaire co-founder and former chief executive of online pet supplies retailer Chewy Inc (CHWY.N).
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