GameStop CEO and chairman Ryan Cohen asks the company to remove a performance-based stock award that was proposed earlier this year. The award, described by analysts as potentially worth as much as $35 billion if all milestones were met, is being abandoned as Cohen says he wants leadership to stay focused on GameStop’s operating performance and on a proposed acquisition of eBay.
Multiple outlets report that Cohen makes the change in the context of pursuing the eBay bid and that GameStop plans to provide additional details on how a combined company would work. Quartz says the company intends to release a detailed presentation covering the strategic rationale and operational plan for the deal.
Business Insider and other coverage also describe Cohen’s intent to put personal funds toward the eBay effort, including a reported $500 million investment of his own money. Bloomberg similarly frames the move as Cohen withdrawing the large bonus plan so the company can concentrate on the operating and deal-related priorities.
Across the reports, Cohen is said to take no salary and to withdraw the bonus proposal rather than receive it.
