GameStop’s Ryan Cohen gives up a pay package worth up to $35bn to chase eBay
This title could be clearer and more informative.Try out Clickbait Shieldfor free (5 uses left this month).
Ryan Cohen, GameStop's chairman and CEO, has asked the board to withdraw a proposed performance-based stock award valued at up to $35bn before it reached a shareholder vote. The award, structured as options on 171.5 million shares across nine tranches tied to market-cap and EBITDA milestones, was never granted — it still required shareholder approval at the July 7 annual meeting. Cohen's move is widely seen as strategic housekeeping ahead of GameStop's audacious bid to acquire eBay, a company several times its size. Defending a massive pay proposal at the same shareholder meeting where he's asking investors to back a complex cash-and-stock acquisition would have created a political liability. Cohen still holds a large equity stake and stands to benefit significantly if GameStop's value rises through the eBay deal.
