GameStop CEO George Sherman announced his departure from the struggling retail giant this week and, according to some number crunching by the team at Reuters, is all set to depart with an extra $179 million in his pockets.
According to a report from the publication, exiting CEO Sherman is set to receive a $179 million stock payout upon his departure from GameStop. This comes despite missed performance targets during his tenure, including one that saw him forfeiting $98 million in additional stock due to falling short of those goals.
There's a more in-depth breakdown with analyst commentary in the full Reuters story, but in short Sherman's sizable departure payout is due to a combination of GameStop's earlier decision to grant him more shares based on his time at the company (rather than shares tied to performance) and the recent stock market weirdness that drove GameStop's stock value through the roof.
GameStop's stock price has settled down some since a financial war between Reddit day traders and Wall Street short-sellers drove it to a $347 peak in January of this year, but its current value is still a significant amount higher than it was when Sherman was awarded those stocks, leading to a hefty payout upon his departure.
Currently, Sherman is set to depart GameStop officially on July 31, 2021, though he could vacate the CEO seat earlier if a suitable replacement is found before the end of July. Once found, that successor inherits the responsibility of overseeing GameStop's attempted overhaul and revitalization.