GameStop CEO George Sherman forfeits nearly $100 million in stock

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GameStop’s chief executive has lost out on a windfall.

The video game retailer, in a filing with the Securities and Exchange Commission, says CEO George Sherman forfeited more than 587,000 shares for failing to meet performance targets. The news comes just days after Reuters reported the company was looking for a new CEO to replace Sherman.

At Thursday’s market price, that’s a loss of over $91 million for Sherman. (At the stock’s peak, those shares would have been worth almost $284 million.)

While it’s a hefty loss, Sherman’s not exactly missing out on the GameStop rally. He still holds 1.8 million shares of the company, which has a current value of more than $280 million.

Sherman wasn’t the only executive to miss out on a stock bonus. Chris Homeister, GameStop’s chief merchandising officer, forfeited over 119,000 shares this week for underperforming. Those would be worth about $18.5 million today.

GameStop is in the midst of its latest transition, this time to a more digitally oriented company. Ryan Cohen, founder of Chewy, the pets-focused online retailer, made a big investment in the company last year, acquiring $76 million worth of stock when shares were trading at an average of just $8.43.

In March, he was put in charge of a committee that was tasked with seeking out initiatives that can help GameStop continue its transition beyond its brick-and-mortar origins.

That committee was credited for the upcoming exit of chief financial officer Jim Bell as well as a series of recent hires (many former Chewy executives). Sherman himself has been largely absent from public view since before the surge in GameStop stock, aside from reading prepared comments in an earnings call. He did not take questions from analysts.