- General
- February 24, 2021
- 4 minutes read
GameStop’s CFO To Depart, With Big Exit Package
Barely a month after a stock trading frenzy that sent the shares of video games and electronics retailer GameStop soaring…
Barely a month after a stock trading frenzy that sent the shares of video games and electronics retailer GameStop soaring high and highly volatile to then become the talk of the town, the company’s chief financial officer (CFO) Jim Bell has announced his resignation from the company, with the reason behind his departure not stated.
Bell who has served as GameStop’s CFO for less than two years will step down from his role formally on March 26, 2021, and leave the company. He noticeably held the role of CFO for a short period and it’s unclear if GameStop’s recent stock market frenzy is a contributing factor to his departure.
As Bell is resigning from GameStop, he isn’t leaving on shaky grounds or at least monetarily-wise. According to filings, he’ll be getting an upfront $15.8 million pay package when he departs, split into $2.8 million in severance and an immediate payout of restricted shares worth $13 million once he leaves.
Then, Bell could still collect an additional 300,000+ shares worth around $14 million as at GameStop’s trading price on Tuesday if the video games and electronics retailer meets certain goals in the coming years.
Bell seems to have a knack for not staying long at companies, as his LinkedIn profile indicates that GameStop will be his third exit from a company in less than five years. While such rapid successive job changes may draw ire from companies looking for executives, Bell is assumedly at a level where he won’t be struggling to get new roles and could even retire and do very well financially.
With Bell’s imminent departure, GameStop has said that it’s kicked off a search for a new replacement for his role. If a permanent replacement hasn’t been found by March 26, 2021, when Bell will formally leave GameStop, the company has said that it’ll temporarily appoint its current Chief Accounting Officer Diana Jajeh to the CFO role.
“The Company thanks Mr. Bell for his significant contributions and leadership, including his efforts over the past year during the COVID-19 pandemic,” GameStop penned in a statement.
