GameStop’s outgoing CEO just made $36 million cashing in 121,000 shares after the stock’s dizzying rally

A Seattle customer with the New Super Mario Bros. 2 game in a GameStop store in 2012.
Stephen Brashear/Invision for Nintendo/AP Images

GameStop outgoing CEO George Sherman cashed in $36.7 million of company shares, an SEC filing shows.
He sold the shares at the stock’s four-month high closing price of $302.56.
Sherman will be replaced by Amazon alum Matt Furlong.
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GameStop’s outgoing Chief Executive Officer George Sherman took home $36.7 million after selling part of his stake in the company.
Sherman, who will be replaced by Amazon alum Matt Furlong, sold 121,386 shares at their four-month high of $302.56 apiece on June 9, according to a Friday filing with the Securities and Exchange Commission. Sherman, who announced his departure in April, still holds 1.3 million shares, the filing showed.
Sherman sold the shares amid renewed meme-stock interest that has powered the video-game retailer close to its January highs. Other retail-trader favorites, like AMC Entertainment and BlackBerry, along with new meme stocks like Clean Energy Fuels and ContextLogic, have rallied as well recently.
Other meme-stock insiders also have been selling shares amid the craze. AMC board members and executives have sold about $13 million worth of shares in the past two weeks alone.
GameStop shares closed at an all-time high of $354 on Jan. 27 when retail traders, mobilized on Reddit’s Wall Street Bets, poured into the nostalgic stock in an effort to squeeze short-sellers, costing them billions of dollars. The stock has declined since reaching its four-month high last week and is now trading around $220.
The stock decline came after the company said the Securities and Exchange Commission had requested information as part of its probe into trading of the shares. The video-game retailer also announced it may sell as many as 5 million more shares, further pressuring the stock.
Also last week, the company announced new C-suite executives hailing from Amazon, as activist investor and Chewy cofounder Ryan Cohen looks to make Gamestop into the Amazon of gaming.
Read the original article on Business Insider

Source: https://www.businessinsider.com/gamestop-ceo-george-sherman-made-36-million-cashing-in-shares-2021-6

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