GameStop Yanks 587,000 Shares from Outgoing CEO
As major changes at recent short-squeeze target GameStop (NYSE: GME) continue, its current CEO George Sherman is forefeiting over half-a-million shares originally given to him as an incentive. The 587,000 shares GameStop has decided to "repossess" are worth approximately $98 million at yesterday's market-closing price of roughly $167, Business Insider says.
The company's executive shakeup began when small Reddit investors from r/WallStreetBets carried out a short squeeze on GameStop earlier this year. The investment wave hammered several large firms holding massive short positions in the company. Some Redditors argued the short squeeze drove down GameStop's share prices artificially, leading other investors to avoid the stock.
Former Chewy CEO and activist investor Ryan Cohen also joined GameStop's board and began pushing for changes to its executive structure.
Source Fool.com
