GameStop CEO Disposes of $12 Million of Stock in Chain

(Bloomberg) — GameStop Corp. Chief Executive Officer George Sherman, who is expected to leave the struggling video-game retailer, disposed of almost $12 million in shares, with the proceeds earmarked by the company to pay compensation-related taxes.

The 76,097 shares were withheld by GameStop upon vesting to cover taxes related to the 2019 inducement award, according to a regulatory filing Friday. The shares were valued at $156.44 each, or about $11.9 million.

Representatives of GameStop didn’t immediately respond to a request for comment.

Activist investor Ryan Cohen, the company’s incoming chairman, is spearheading a turnaround effort at GameStop, which is seeking a new CEO to replace Sherman, people with knowledge of the matter have said. Sherman earlier this week forfeited about $98 million in compensation after failing to meet performance targets.

Shares of GameStop have become a favorite of Reddit-reading day traders this year, sending the stock soaring, despite shrinking sales and losses in the latest fiscal year.

(Corrects details of transaction starting in first paragraph.)

For more articles like this, please visit us at

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.