Earlier this month the company announced that Sherman was stepping down from his role as the CEO of the company. Four months ago, I said that I wouldn't touch GameStop (NYSE: GME) stock with a 10-foot Energy Sword before the company makes some radical changes to its business model. GameStop continues to up the number of stores it says it's going to close this year, with the latest plan being to close between 400 and 450 stores globally during the full fiscal year of 2020. On Sunday, May 10, 2020, GameStop posted one final time thanking customers on their page. In fact, the stock market gain has put a spotlight on GameStop's business and given more ammunition to insiders who think the brick-and-mortar retailer is not doing enough to adapt to a world in which most video games are downloaded from home rather than purchased in a store. The departure comes amid a shake up of the company by Ryan Cohen, the co-founder and former CEO of online pet retailer Chewy. Alan Johnson, one of the nation's top compensation consultants, acknowledges that the lack of stock holding requirements for top executives after they leave a company represents a "weakness" in the way they are paid. GameStop CEO George Sherman is set to collect nearly $170 million when he exits the top job at company this summer after just over two years at the helm, a time the struggling retailer has racked up large losses. Are they closed for good? The episode is also shining a light on the lavish rewards often given to CEOs, particularly when their pay seems to exceed their performance. Much of Sherman's payday stems from GameStop granting him nearly 1 million shares of the company's stock in mid-2020. All this is part of GameStop's ongoing "de-densification" plan to cut costs by closing its less profitable stores, a plan it kicked off in the second half of 2019 and which included completely winding down operations in Denmark, Finland, Norway, and Sweden. After a years-long downward spiral into debt, the company announced in a Dec. 8 presentation to investors that it will close more than 1,000 stores by the end of its fiscal year in March. "Yes, [Sherman] made too much, but so did shareholders, and we are not going to ask them to give back their gains," Johnson said. At the end of last year, GameStop had projected it would close as many or more stores than it had in 2019, a total of 321 that the company has already exceeded for this year. GameStop is closing about 100 more stores than it originally planned, with the struggling retailer warning of more closures next year. Leading to a total of over 783 stores closed in the last two years. Market data provided by ICE Data Services. GameStop, the largest video game retailer in the world, is headed for some serious trouble. He will also sacrifice $50 million in shares that he might have gotten if GameStop's performance had improved over the next few years. The company said in Wednesday's earnings call that between 400 and 450 stores globally will close this year, which is more than the 320 stores GameStop originally said in March that it was planning to shutter. That allows Sherman, whose last job before GameStop was as the head of retailer Advance Auto Parts, to cash in all of his shares as soon as he wanted. ", First published on April 27, 2021 / 8:27 AM. Since then, GameStop … Outgoing chief benefits from GameStop stock surge, Retailer's board of directors confirms hunt for someone with the right skills to meet changing business requirements, Senior Gameplay Programmer Required – London, Senior C++ Graphics Programmer AAA Games UK, Mr Men books are for children. 3438 - Malvern, AR - Malvern Plaza, 2300 Leopard Ln. GameStop did not return a request for comment. Has announced that it will be the last post for this page CBS Interactive Inc. rights. 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