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).