The Dallas Morning News
Gamestop CEO sells $12M in firm’s stock
Gamestop Corp. Chief Executive George Sherman, who is expected to leave the struggling video-game retailer, sold almost $12 million in shares, benefiting from a run-up in the stock fueled by day traders.
Sherman sold 76,097 shares of the company Thursday for $156.44, a regulatory filing Friday showed, delivering proceeds of $11.9 million.
Gamestop didn’t respond to a request for comment.
Activist investor Ryan Cohen, the company’s incoming chairman, is spearheading a turnaround effort at Gamestop, which is seeking a new CEO to replace Sherman, people with knowledge of the matter have said. Sherman earlier this week forfeited about $98 million in compensation after failing to meet performance targets.