GameStop terminates COO’s job after 7 months

GameStop Corp (NYSE: GME) is now without a COO. The company filed an 8-K on Friday, indicating that it had entered into a separation and release agreement with Jenna Owens, who was executive vice president and chief operating officer.

Although it was widely reported by the media that Owens had chosen to leave, the details provided by GameStop do not exactly indicate it. On the contrary, it indicates that Owens is dismissed without reason at the choice of the company.

Owens didn’t join the company until March, which meant his stint with the company lasted just over seven months. At the time of her hiring, she had accepted an annual salary of $ 200,000, in addition to a hiring bonus of $ 2.5 million, which must be paid in monthly installments over a period of twenty-four months. Payment of the connection premium was “subject to his continued service to the Company until the date of payment of the applicable deposit, unless terminated by the Company without cause. At the time, it also received $ 9.0 million in RSUs subject to a four-year vesting schedule, with the first RSUs to vest on the first anniversary of the award.

The agreement also stipulated that in the event of termination without cause, she would be entitled to a number of severance benefits in the form of a lump sum cash payment, which includes:

  • (i) an amount equal to six months of his base salary,
  • (ii) an amount equal to six months of COBRA bonuses for Ms. Owens and her eligible dependents, and
  • (iii) any entry on bonus payments which then remain unpaid.

In announcing Owens’ departure, the 8-K file indicated that the departure was effective October 25, 2021 and that she would coincidentally receive the compensation listed above, suggesting that instead of leaving the company on her decision, she was instead fired.

Additionally, it appears the company as a whole has decided that it no longer needs an operations manager, as Owens’ role would be absorbed by other members of GameStop’s management team. .

GameStop last traded at $ 183.51 on the NYSE.

Information for this briefing was found via Edgar and GameStop Corp. The author has no affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author does not hold any license.

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