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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
Ryan Cohen brings vision to struggling GameStop. Now, he must deliver
The Grapevine-based video game company is in a strong position financially to execute Cohen’s plan.
Chewy co-founder Ryan Cohen will become GameStop s board chairman at the company s annual shareholders meeting on June 9.(Charlie Neibergall)
Perhaps no one, not even the day-trading hero they call Roaring Kitty, is more responsible for the improbable 700% rally in GameStop Corp. this year than Ryan Cohen.
At 35 years old, Cohen is a billionaire entrepreneur with a reputation for a Midas touch after building the pet-supply site he co-founded Chewy into a booming business. So when word got out in mid-January that he had secured three seats on GameStop’s board after amassing a 13% stake, shares of the video-game retailer exploded.
Ryan Cohen Maps Out GameStop Turnaround Plan
Bloomberg 4 hrs ago Olga Kharif and Anders Melin
(Bloomberg) Perhaps no one, not even the day traders’ hero called Roaring Kitty, is more responsible for the improbable 700% rally in GameStop Corp. this year than Ryan Cohen.
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At 35 years old, Cohen is a billionaire entrepreneur with a reputation for a Midas touch after building the pet-supply site he co-founded Chewy into a booming business. And so when word got out in mid-January that he had secured three seats on GameStop’s board after amassing a 13% stake, shares of the video-game retailer exploded. What had just been something of a run-of-the-mill outperformance in the bull market turned into a parabolic surge overnight.