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GameStop Reduces Executive Pay; Will Reopen Stores in Some States and Countries

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GameStop Reduces Executive Pay; Will Reopen Stores in Some States and Countries

GameStop announced plans to manage its business affected by the COVID-19 pandemic through temporary pay cuts, employee furloughs, and reopening stores in specific regions.

In a press release, GameStop said it would be temporarily reducing the base salaries of Chief Executive Officer George Sherman by 50% and Chief Financial Officer Jim Bell alongside the remainder of the executive leadership team by 30%.

The company’s board of directors will have their cash compensation reduced by 50%. Also, “certain other employees across the company’s worldwide operating units” will have their pay temporarily reduced between 10% and 30%, while support staff can choose between a temporary furlough or reduced workweek/reduced pay program.

As for the retail stores, one-third of the U.S. locations will remain closed, while the other two-thirds are closed to customers but still offer curbside pick-up.

The company said it has begun to reopen stores in South Carolina and Georgia alongside Italy, Austria, and Germany with the “potential” to reopen in other states and countries in the coming weeks.

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