CEO Loses $100 Million in Shares

Under the title "The CEO of this company lost shares worth $100 million!", Al Arabiya's website reported on the loss incurred by George Sherman, the CEO of GameStop Corp, of approximately 587,000 restricted shares of the video game retail company, equivalent to a value of $98 million at current prices, after failing to meet performance targets. The lost shares were part of an incentive package granted to him in April 2019, the month Sherman took over as CEO of GameStop. However, he still retains 1.77 million shares, which represent three-quarters of the incentive shares he received before the onset of the COVID-19 pandemic, according to a disclosure on Wednesday, valued at about $295 million. This follows GameStop's stock becoming one of the most talked-about stories on Wall Street, fueled by a group of retail traders on Reddit this year, resulting in a nearly 800% increase in the stock price due to retaliatory speculation against hedge funds that had shorted the company's shares. Meanwhile, the company’s earnings results showed a decline in sales and profits in the last quarter. Active investor Ryan Cohen, who has recently been appointed as chairman of the board, is leading the transformation, as the company is currently searching for a new CEO, as reported by Bloomberg.