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 (April 15).
The forfeited shares would be worth about $98 million based on the stock's latest closing price. They were granted in April 2019.
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.
The company's stock is up almost 800% since January, benefiting from a push by retail investors on Reddit forums.
That rally has fizzled in recent days.
Many Wall Street analysts are skeptical about the company's ability to reinvent itself as the online destination of choice for video-game fans.