Gamestop Will Start Paying Some Employees With Shares Of Memes
GameStop, a very cohesive and logical company that sells physical video games, but also squishy toys, worthless NFTs, and the promise of a get-rich-quick scheme, has just announced an “enhanced compensation scheme” for senior employees of its physical stores. . – Mortar video game store.
In a memo sent to employees today, and shared by Stephen Totilo of Axios, GameStop CEO Matt Furlong says that “as we continue to develop our e-commerce and digital asset offerings, our fleet of stores for the GameStop’s value will continue to be critical. The result will be the “introduction of an improved remuneration model for branch managers.”
For assistant store leaders and senior guest consultants, this comes in the form of an undisclosed increase in their hourly pay. Store Leaders will receive $21,000 in GameStop stock (vested over three years) in addition to their regular salary, along with “the opportunity to earn additional compensation each quarter by meeting performance-based stock grant goals.” “.
Here Is The Note In Full:
Subject: Invest in GameStop Store Managers
After spending a year strengthening our range, infrastructure and technical capabilities, we are now focuse on achieving profitability, bringing our own products to market, using our brand in new ways and expanding into our stores. Our stores in particular are a differentiator that will help us maintain a direct connection with our customers and allow us to have localized order fulfillment capabilities in more regions. As we continue to develop our e-commerce and digital asset offerings, our store fleet will continue to be central to GameStop’s value proposition.
With that in mind, I am please to announce that we are introducing an improve store manager compensation model. The new model, which goes into effect next month, offers each store manager a $21,000 time-based stock grant (with a three-year vesting period) and the opportunity to earn additional compensation each quarter at set targets for performance-based stock grants achieved. . This is in addition to the existing base salary of each branch manager.
The capital compensation associated with this new model will be covered by GameStop’s existing capital plan, which has been approved by shareholders. Leadership believes the model achieves the twin goals of increasing each store manager’s salary and instilling a stronger ownership mindset throughout the organization. Along with this investment, we are also increasing hourly rates for Store Leader Assistants and Senior Guest Advisors.
More details will be made available to store managers and affected employees in the coming weeks. We look forward to continuing to attract and retain high-caliber, passionate talent in our stores.
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