GameStop's Departing Executives Getting $290M Worth Of Vested Stocks On Their Way Out

This year's rise in the share price of GameStop Corp (NYSE: GME) has created a windfall for some departing executives. Executives who are leaving the organization are getting vested stocks valued at roughly $290 million, The Wall Street Journal reports. The executives' separation agreements include terms that allow stock they were awarded while working at the company to vest when they leave. The company's Chief Executive Officer George Sherman, who will be stepping down by July 31, has 1.1 million restricted shares, valued at about $169 million as of Friday's close. Frank Hamlin, who resigned as chief customer officer in March, had restricted shares valued at $33.5 million as of Friday. The company's merchandising chief Chris Homeister, who is planning to leave the company, has 289,000 restricted shares valued at around $43.6 million as of Friday. Former GameStop finance chief James Bell had restricted shares of $43.6 million as of Friday. Shares of video game retailer GameStop Corp. as well as other heavily-shorted stocks such as AMC Entertainment Holdings Inc. (NYSE: AMC) and BlackBerry Ltd. (NYSE: BB) skyrocketed in January amid a rally fueled by retail traders belonging to the subreddit channel r/WallStreetBets. The traders bid up the stocks to create a short squeeze. GameStop's shares jumped last week after its CEO said he would leave before the end of July. On April 13, the company said it is redeeming senior notes worth $216.4 million due in two years, a move that would leave the company mostly debt-free. GameStop's shares closed at $151.18 on Friday. See more from BenzingaClick here for options trades from BenzingaGameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth Million© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.