GameStop Chief Executive Ryan Cohen has withdrawn a proposed performance-based compensation package that could have been worth more than $35 billion, saying he wants management focused on the retailer's operations and its efforts to acquire eBay.
The company said this week that Cohen requested the removal of the CEO Performance Award from its proxy statement ahead of GameStop's July 7 annual meeting. The award, approved by the board in January, would have granted Cohen 171.5 million stock options if GameStop reached specific targets tied to market capitalization and profitability, according to a company statement. GameStop said leadership's attention is now centered on operating performance and the proposed acquisition of eBay.
