The Dallas Morning News

Gamestop CEO sells $12M in firm’s stock

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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.

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