GameStop CFO set to leave with US$30m package after Reddit-driven stock rally

NEW YORK (BLOOMBERG, REUTERS) – Jim Bell, the GameStop chief financial officer who is being pushed out after less than two years on the job, won’t be leaving empty-handed.

The executive will get US$15.8 million (S$20.8 million) when he departs, which is set for next month, and he could earn millions more from equity in coming years if activist investor Ryan Cohen can pull off a turnaround of the video-game retailer.

While the terms of Mr Bell’s payout are fairly standard for a departing executive, the value of his potential exit package is high – partly a product of the GameStop rally in January that’s left the stock worth more than double what it was at the end of 2020.

Mr Bell’s contract entitles him to US$2.8 million in severance and an immediate payout of restricted shares worth US$13 million when he departs, according to regulatory filings and calculations by Bloomberg News.He also holds a couple of equity awards that are tied to goals spanning several years. Filings show he could collect at least 300,000 shares, depending on how the company does. They were worth US$13.8 million as of Tuesday’s close in New York.

GameStop said Mr Bell’s resignation was not due to any disagreement with the company relating to its operations, including accounting principles and practices…

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From The Straits Times - 24/02/2021