GameStop Corp. (NYSE:GME) Chief Executive Officer George Sherman, who is facing a potential ouster, has forfeited shares worth almost $98 million after he failed to meet his “stated performance target.”
What Happened: Sherman has forfeited more than 587,000 GameStop shares that were originally granted to him in April 2019, according to a regulatory filing. Based on Wednesday’s closing stock price of $166.53, the shares are worth about $98 million.
Another regulatory filing showed that Chris Homeister, GameStop's chief merchandising officer, forfeited more than 119,000 shares for his failure to meet performance targets.
See Also: Is GameStop Making A Crypto, NFT Foray?
Why It Matters: The forfeiture of shares comes after it was reported that GameStop is looking to oust Sherman and bring in a new CEO — its fourth over the past three years.
The potential removal of Sherman would be the second major management shift for GameStop this year, following the videogame retailer’s appointment of Chewy Inc. (NYSE:CHWY) co-founder and major shareholder Ryan Cohen to its board of directors.
See also: How to Buy GameStop (GME) Stock
Led by Cohen, the struggling brick-and-mortar gaming retailer is expected to adopt a digital business model so as to compete with the likes of Amazon.com Inc. (NASDAQ:AMZN).
In early 2021, GameStop emerged as a darling of Reddit retail investors who carried out a short squeeze in the stock.
Shares of GameStop surged on Wednesday after the company said it is taking steps to eliminate nearly all its existing debt, marking the unusual event of a brick-and-mortar retailer becoming debt-free amid the COVID-19 pandemic.
Price Action: GameStop shares closed 18.1% higher on Wednesday at $166.53, but declined 0.4% in the after-hours session to $165.85.
Photo by Chris Potter on Flickr
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