GameStop CEO Forfeits $98 Million in Stock After Missing Targets

GameStop Corp. Chief Executive Officer George Sherman forfeited about 587,000 restricted shares of the video-game retailer, or almost $98 million at current prices, after failing to meet performance targets.

The stock was part of an incentive package granted in April 2019, the month that Sherman took the CEO job. He still holds 1.77 million shares, according to a filing, or $294.8 million as of Wednesday’s close.

Company representatives didn’t immediately respond to a request for comment.

GameStop has become a favorite of Reddit-reading day traders this year, sending the stock soaring almost 800%. But the video-game stores chain has struggled ...