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.
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.