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Four top GameStop executives being pushed out of the company will get a sizeable parting gift — with their vested stocks valued at roughly $290 million.
GameStop CEO George Sherman could walk away with $169 million if he sells his 1.1 million shares in the company when he steps down, based on Friday’s closing, according to the Wall Street Journal.
Sherman announced last week he will depart GameStop by July 31 — and his separation agreement allows his stock awards to vest when he leaves.
Shares in the video game retailer were below $20 early last year, but a Reddit-fueled rally made the stock skyrocket to $150 per share.
Sherman’s severance payout could have been even higher, WSJ noted, but the outgoing chief executive agreed to forego some of his stock awards — valued at about $50 million — and $5 million in cash.
Departing GameStop finance chief James Bell stands to collect $44 million, chief customer officer Frank Hamlin could depart with $34 milllion, and merchandising chief Chris Homeister could walk away with $44 million, the outlet calculated.
Meanwhile, Ryan Cohen, former CEO of online pet supplies retailer Chewy, is trying to revive the video game retailer.
Cohen, who took a stake in GameStop last year, has been pushing to transform the company from a brick-and-mortar business to a seller of digital games.
Cohen, who will become chairman of the retailer this summer, has been shaking up the executive ranks in the process, adding new executives from Amazon and Chewy.com to replace former GameStop execs.
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