GameStop CEO says goodbye to $35 billion pay package to focus on eBay bid

GameStop CEO Ryan Cohen has relinquished a potential $35 billion performance award, stating his desire for leadership to concentrate fully on GameStop's operational performance and its proposed acquisition of eBay. This decision follows GameStop's unsolicited $56 billion offer to buy eBay in May, which eBay's board rejected as "neither credible nor attractive." The compensation package, unveiled in January, was tied to Cohen boosting GameStop's market value and increasing profits. GameStop announced that Cohen himself requested the removal of this award. Despite eBay's rejection, GameStop plans to release further details this week about its acquisition proposition, including a presentation on the strategic rationale and operational plan for a combined entity. Cohen has also been actively selling items on eBay, including trading cards and a first-generation iPhone, with listings featuring a signed copy of his eBay acquisition proposal. Cohen joined GameStop's board in 2021 and became CEO in 2023, during which time the company has focused on reducing operational expenses by closing stores.