(Bloomberg) -- GameStop Corp. Chief Executive Officer George Sherman, who is expected to leave the struggling video-game retailer, sold almost $12 million in shares, benefiting from a run-up in the stock fueled by day traders.
Sherman sold 76,097 shares of the company on April 15 for $156.44, a regulatory filing Friday showed, delivering proceeds of $11.9 million.
Representatives of GameStop didn’t immediately respond to a request for comment.
Activist investor Ryan Cohen, the company’s incoming chairman, is spearheading a turnaround effort at GameStop, which is seeking a new CEO to replace Sherman, people with knowledge of the matter have said. Sherman earlier this week forfeited about $98 million in compensation after failing to meet performance targets.
Shares of GameStop have become a favorite of Reddit-reading day traders this year, sending the stock soaring, despite shrinking sales and losses in the latest fiscal year.
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