GameStop's CEO Is Getting $179 Million For Quitting

Illustration for article titled GameStop's CEO Is Getting $179 Million For Quitting
Photo: Michael M. Santiago (Getty Images)

In further proof that our current economic system is entirely fine and normal, GameStop CEO George Sherman—who is leaving his post in the Summer—will be getting $179 million. Just for quitting his job.

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As Reuters reports, having crunched the numbers and gone over some of the company’s filings, GameStop probably thought they were doing a smart thing to save a buck or two and “decoupled some of Sherman’s pay from his performance last year in the early months of the COVID-19 pandemic and granted him stock.”

That was when GameStop shares were worth jack shit. Now, they are worth a lot more; so much more that it has propelled what should have been a fairly “sensible” (by executive standards, and “obscene” by every other metric) compensation package into the stratosphere.

And get this: it could have been more, but Sherman “forfeited $98 million worth of stock this month because he did not meet performance targets.

Sherman’s $179m windfall comes despite the fact his company’s share price is a literal meme, GameStop has closed hundreds of stores around the world, and constantly endangered the health and safety of its employees during a global pandemic.

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Luke Plunkett is a Senior Editor based in Canberra, Australia. He has written a book on cosplay, designed a game about airplanes, and also runs cosplay.kotaku.com.

DISCUSSION

cmallen
C.M. Allen

He’s getting $179m not just for quitting. He’s getting $179m despite running the company he was responsible for straight into the ground. And, oh, by the way, he’ll move right on to another high-paid executive job where he will proceed to run that company straight into the ground.

Because that’s what ‘fuels’ the American ‘economy’ — cannibalizing the future to get rich today. Because as long as I got me and mine, fuck you and yours.