GameStop CEO and chairman Ryan Cohen asks the company’s board to remove a performance-based compensation package that was proposed in January and could have paid him as much as $35 billion if certain milestones were achieved, according to multiple reports. Bloomberg says Cohen withdraws the plan so the business is “fully focused” on GameStop’s operating performance and its proposed acquisition of eBay. The reports also note that Cohen does not draw a salary, and the compensation being removed is tied to performance targets rather than base pay.
The Next Web reports Cohen’s request to scrap the proposed award, describing it as a stock-based package analysts valued at up to $35 billion under the assumption that every milestone is met. Kotaku similarly focuses on Cohen’s decision to abandon the large bonus while he continues efforts that include purchasing eBay. Across outlets, the key point is that Cohen changes course on the proposed pay arrangement while directing attention toward GameStop’s performance and the company’s deal involving eBay. The reports do not indicate that Cohen’s role changes—only the compensation package is withdrawn.
