FILE PHOTO: A GameStop store is pictured in the Manhattan borough of New York City, New York, U.S., January 29, 2021.
(Corrects total value of forfeited shares in second paragraph to about $98 million, from $9.8 million).
(Reuters) - GameStop Corp Chief Executive Officer George Sherman has forfeited more than 587,000 shares as he failed to meet his performance targets, according to a regulatory filing on Wednesday.
The forfeited shares, originally granted in April 2019, would be worth about $98 million based on the stock’s latest closing price.
GameStop is currently looking for a new CEO to replace Sherman as it pivots from a brick-and-mortar video game retailer to an e-commerce firm, Reuters reported on Monday, citing three sources.
Chris Homeister, GameStop’s chief merchandising officer, forfeited more than 119,000 shares for failing to meet targets, another filing showed. »