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.
The forfeited shares, originally granted in April 2019, would be worth about $98 million based on the stock's latest closing price.
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 to drive up prices of heavily shorted stocks.
Chris Homeister, GameStop's chief merchandising officer, forfeited more than 119,000 shares for failing to meet targets, another filing showed.
(Corrects total value of forfeited shares in second paragraph to about $98 million, from $9.8 million)
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