(Corrects the total value of shares lost in the second paragraph to about $ 98 million, from $ 9.8 million)
(Reuters) – GameStop Corp. CEO George Sherman has lost more than 587,000 shares because he failed to meet his performance targets, according to a regulatory filing filed Wednesday.
The confiscated shares, originally granted in April 2019, would be worth about $ 98 million based on the last closing price of the shares.
GameStop is currently looking for a new CEO to replace Sherman as it moves from a video game retailer to an e-commerce company, Reuters reported Monday, citing three sources.
The company’s shares have risen nearly 800% since January, benefiting from the push from retail investors on Reddit forums to raise very short stock prices.
Chris Homeister, GameStop’s head of merchandise, lost more than 119,000 shares for failing to meet targets, another record showed.
(Corrects the total value of shares lost in the second paragraph to about $ 98 million, from $ 9.8 million)
Reports of Munsif Vengattil in Bengaluru; Edited by Devika Syamnath and Anil D’Silva