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8th July 2021

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GameStop CEO reportedly due to receive $179m windfall

Outgoing chief benefits from GameStop stock surge

GameStop CEO George Sherman will reportedly receive $179 million when he leaves the retailer in July.

Reuters reported that GameStop “decoupled” portions of Sherman's salary from his performance during the early months of the COVID-19 pandemic last year. This granted him stock at a time when the retailer's shares were worth a fraction of their value today.

But GameStop stock reached record high prices in January as a wave of Reddit users went on a buying spree. The shares continued fluctuating dramatically for days, with Elon Musk and the Biden administration getting involved.

Reuters added that "as a condition of his exit, GameStop is speeding up the time frame for Sherman to receive the shares, generating the award."

GameStop's shares closed at $158.51 yesterday -- in the past 52 weeks, they had reached a low of $3.77.

The US retailer announced earlier this year that it had established a committee to help it transition from a traditional brick-and-mortar business model to a more digital-driven retail company.

It's in that context that GameStop announced last week that George Sherman will be stepping down on July 31.

Celebrating employer excellence in the video games industry

8th July 2021

Submit your company

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