GameStop Exec Leaves With $2.eight Million Severance

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Illustration for article titled GameStop Exec Leaves With $2.8 Million Severance

Photograph: Michael M. Santiago (Getty Photos)

GameStop chief monetary officer Jim Bell is ready to resign from his place on March 26, the online game retailer introduced immediately. He’ll achieve this $2.eight million richer due to a profitable severance bonus.

In line with SEC filings first reported by IGN, the contract Bell signed with GameStop in 2019 affords him a severance bonus of double his mixed annual wage ($700,000) and annual bonus alternative ($700,000), ensuing within the $2.eight million windfall.

This information comes after a 12 months that noticed GameStop shut greater than 400 shops and left common workers with out the identical assist, until you contemplate forcing them to do TikTok dances for vacation hours akin to rewarding a departing govt with thousands and thousands of {dollars}.

Kotaku reporting from all through 2020 additionally discovered the corporate negligent in defending workers throughout the covid-19 pandemic, with administration preventing to remain open as “important retail” and by overwhelming already-depleted employees throughout the launch of the PlayStation 5 and Xbox Sequence X/S.

“I don’t know what our company workplace was doing making an attempt to get folks to flock to the shop within the thick of the pandemic and rising covid numbers,” one GameStop worker instructed Kotaku on the time.

GameStop has been in freefall for years because of the rise of digital online game gross sales, a problem that the covid-19 pandemic has solely compounded. Executives have tried all the pieces from deceptive prospects to firing practically half the employees behind its in-store Sport Informer journal to remain afloat. To be truthful, how is CEO George Sherman going to outlive with out making $1.1 million yearly?

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