GameStop CEO forfeits over 587,000 shares for not meeting targets
Shares would be worth $9.8 million based on the stock's Wednesday closing price
Melvin Capital rebounds after massive GameStop losses: Sources
FOX Business' Charlie Gasparino reports sources say it's unclear if Melvin Capital will finish month strongly given recent trading frenzy.
GameStop Corp Chief Executive Officer George Sherman has forfeited more than 587,000 shares as he failed to meet his performance targets, according to a regulatory filing on Wednesday.
Stocks In This Article:
The forfeited shares, originally granted in April 2019, would be worth $9.8 million based on the stock's latest closing price.
GameStop is currently looking for a new CEO to replace Sherman as it pivots from a brick-and-mortar video game retailer to an e-commerce firm, Reuters reported on Monday, citing three sources.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company's stock is up almost 800% since January, benefiting from a push by retail investors on Reddit forums to drive up prices of heavily shorted stocks.
Chris Homeister, GameStop's chief merchandising officer, forfeited more than 119,000 shares for failing to meet targets, another filing showed