In further proof that our current economic system is entirely fine and normal, GameStop CEO George Sherman—who is leaving his post in the Summer—will be getting $179 million. Just for quitting his job.
As Reuters report, having crunched the numbers and gone over some of the company’s filings, GameStop probably thought they were doing a smart thing to save a buck or two and “decoupled some of Sherman’s pay from his performance last year in the early months of the COVID-19 pandemic and granted him stock.”
That was when GameStop shares were worth jack shit. Now, they are worth a lot more, so much more that it has propelled what should have been a fairly “sensible” (by executive standards, and obscene by every other metric) compensation package into the stratosphere.
And get this: it could have been more, but Sherman “forfeited $98 million worth of stock this month because he did not meet performance targets”.
Sherman’s $179 windfall comes despite the fact his company’s share price is a literal meme, GameStop has closed hundreds of stores around the world and constantly endangered the health and safety of its employees during a global pandemic.
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DISCUSSION
He’s getting $179m not just for quitting. He’s getting $179m despite running the company he was responsible for straight into the ground. And, oh, by the way, he’ll move right on to another high-paid executive job where he will proceed to run that company straight into the ground.
Because that’s what ‘fuels’ the American ‘economy’ — cannibalizing the future to get rich today. Because as long as I got me and mine, fuck you and yours.