GameStop CEO Forfeits $98 Million in Stock After Missing Targets
- Despite stock run-up, company has struggled to reverse slump
- Retailer is seeking new CEO, person familiar with matter says
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GameStop Corp. Chief Executive Officer George Sherman forfeited about 587,000 restricted shares of the video-game retailer, or almost $98 million at current prices, after failing to meet performance targets.
The stock was part of an incentive package granted in April 2019, the month that Sherman took the CEO job. He still holds 1.77 million shares, according to a filing, or $294.8 million as of Wednesday’s close.