GameStop is undergoing a period of wild changes. Stores are closing, the stores that remain are selling PC gaming hardware like chairs and monitors, and the entire company is steering itself towards a digital future with a massive push for e-commerce under the leadership of incoming board chairman Ryan Cohen.
In with the new means out with the old, and that means the old executives are all resigning. CEO George Sherman will be gone before the end of July and is taking with him a golden parachute worth $150 million in GameStop stock, and according to The Wall Street Journal, he’s not the only one.
Former GameStop chief financial officer James Bell, who resigned back in February, is walking away with a GameStop stock portfolio worth $40 million. Chief customer officer Frank Hamlin has stock worth $30 million, while chief merchandising executive Chris Homeister owns 289,000 shares valued at $40 million. Homeister is expected to resign soon.
These multi-million dollar paydays are all thanks to a historically high GameStop stock price. Each executive was given GameStop stock as part of their performance targets, which they now get to sell after their resignations. It’s also possible that each former exec will get even more money from GameStop depending on their employment terms.
GameStop will be able to pay for all these departures and hire even more thanks to raising almost half a billion in capital through selling new stock. The games and hardware retailer recently announced that they’d completed the sale of 3.5 million shares for the price of approximately $551 million. GameStop said that they plan to use this money to continue GameStop’s transformation to an e-commerce company and to strengthen the company’s balance sheet.
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Actually a collective of 6 hamsters piloting a human-shaped robot, Sean hails from Toronto, Canada. Passionate about gaming from a young age, those hamsters would probably have taken over the world by now if they didn’t vastly prefer playing and writing about video games instead.
The hamsters are so far into their long-con that they’ve managed to acquire a bachelor’s degree from the University of Waterloo and used that to convince the fine editors at TheGamer that they can write “gud werds,” when in reality they just have a very sophisticated spellchecker program installed in the robot’s central processing unit.
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