GameStop’s CFO Jim Bell due to exit the company with a package worth about $30 million

gamestop store
GameStop is seeking a new chief financial officer.

  • GameStop CFO Jim Bell will reportedly exit with a $30 million package, Bloomberg reported.
  • When he departs in March, his contract entitles him to $2.8 million severance and $13 million in shares. 
  • Bell’s exit package benefited from the Reddit frenzy that drove the stock higher in January. 
  • Visit the Business section of Insider for more stories.

GameStop’s CFO, Jim Bell, may take home about $30 million as he leaves the retailer, Bloomberg reported. 

Bell’s contract included severance of $2.8 million, along with a departure award of restricted shares worth about $13 million, according to Bloomberg. Much of the rest of the package would be in equity grants tied to company performance over the next few years, the report said. 

The company on Tuesday announced Bell’s departure, saying in a press release he would resign on March 26. Diana Jajeh, senior vice president and chief accounting officer, will serve as interim chief financial officer while the company searches for a permanent replacement.

The company said it’s seeking a chief financial officer with “the capabilities and qualifications to help accelerate GameStop’s transformation.”

Bell was appointed to the chief financial position at GameStop in July 2019, less than two years ago. He had previously been CFO and interim CEO at Wok Holdings, parent company of P.F. Chang’s, according to his company profile. 

In 2020, activist investor Ryan Cohen bought a stake in GameStop, and took a seat on the company’s board. Cohen, a co-founder of internet retailer Chewy, also installed two of his former Chewy lieutenants on the GameStop board. 

In November 2020, Cohen wrote a letter to the company’s executive team, pushing for the company to become a “technology-driven business.” Cohen wrote: “But this pivot requires the type of strategic vision that has not yet taken hold in the c-suite or boardroom.”

Bell’s equity package has benefited from the recent spikes in GameStop stock, which was pushed higher in an epic struggle between retail investors and short sellers. When Bell joined GameStop, the company’s stock price hovered around $5.30 per share. In January, it spiked briefly to $483 per share, although it settled back into the range of $40 to $50 per share. 

Depending on the company’s future performance, Bell could receive about 300,000 shares in the coming years, depending on how the company does, Bloomberg reported. Those shares were worth about $13.4 million based on Monday’s $44.97 closing price of GameStop shares. 

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GameStop’s CFO is resigning as the company attempts a ‘transformation’ led by activist investor Ryan Cohen

gamestop store ps5
Video game retail chain GameStop.

  • GameStop just lost a key member of its executive team: Chief Financial Officer Jim Bell is resigning.
  • The move is intended “to help accelerate GameStop’s transformation,” the company said.
  • Bell’s resignation is the first major exec shakeup at GameStop in two years.
  • Visit the Business section of Insider for more stories.

Just under two years since he joined GameStop as Chief Financial Officer, Jim Bell is resigning as of this week.

In a press release, GameStop said it is looking for a new executive to take Bell’s place. The candidate should have, “the capabilities and qualifications to help accelerate GameStop’s transformation,” the release said.

Senior Vice President and Chief Accounting Officer Diana Jajeh will serve as interim Chief Financial Officer while the company searches for a permanent replacement.

Bell was part of a new executive team chosen to lead GameStop out of dire financial straits in 2019, alongside CEO George Sherman. Bell oversaw GameStop’s financials during an especially bizarre period of the company’s long history: From historically low stock values in much of 2019 and 2020, to the explosive bubble of early 2021, and throughout the ongoing coronavirus pandemic.

GameStop’s executive team has come under increased scrutiny as activist investor Ryan Cohen bought up a major stake in the company in 2020. Cohen now occupies a space on the company’s board. In November 2020, Cohen published an open letter to GameStop shareholders that criticized Sherman, Bell, and the rest of GameStop’s executive leadership team.

“Through our private conversations, we have explained to Mr. Sherman and the Board that GameStop has the ability to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds,” Cohen wrote in the letter. “But this pivot requires the type of strategic vision that has not yet taken hold in the c-suite or boardroom.”

It appears that this is the “transformation” that GameStop is referring to in the press release announcing Bell’s resignation, but a request for clarification to GameStop went unanswered as of publishing.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

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