GameStop CEO Ryan Cohen has withdrawn a proposed bonus plan that could have paid him up to $35 billion, the company announced on June 23, 2026 [1, 2, 3, 4]. The decision aims to allow GameStop to fully focus on improving its operating performance and pursuing the proposed acquisition of eBay [1, 2, 3, 4]. Cohen said he wants the company's leadership "fully focused on GameStop’s operating performance and its proposed eBay acquisition" [3].
The original CEO pay plan was unveiled in January 2026 and was tied to ambitious targets, including increasing GameStop’s market capitalization to $100 billion and adjusted EBITDA to $10 billion [2, 4]. The plan would have granted Cohen 171.5 million share options if the targets were met [4]. However, the new focus on eBay means the pay plan no longer aligns with the company’s strategic direction. GameStop noted that Cohen’s pay would be adjusted to reflect a stock-based acquisition of eBay [2, 4].
GameStop plans to release additional materials this week detailing the strategic rationale and operational plans for combining with eBay [1, 2, 3, 4]. According to Cohen, combining GameStop’s roughly 1,600 physical stores with eBay’s $48 billion market value creates synergy opportunities. He highlighted potential cost cuts, expanding live commerce through GameStop stores, and creating a digital collectibles marketplace as key benefits [4]. Cohen is reportedly investing $500 million of his own money into the eBay acquisition bid [4].
The attempt to acquire eBay has faced resistance. In May 2026, eBay’s board rejected GameStop’s takeover offer, calling it "neither credible nor attractive" [2, 3, 4]. Despite this, Cohen did not rule out a hostile takeover during a recent interview on June 19 [4].
The original CEO pay package had been controversial. An investor filed a proposed class-action lawsuit in Delaware seeking to halt it until proper disclosures were made [2]. GameStop said it intends to vigorously defend against the lawsuit [2]. The pay package was scheduled for a shareholder vote at the upcoming annual meeting on July 7 but has now been removed from the proxy statement [2, 4].
Notable investors have reacted. Michael Burry sold his GameStop stake in May citing skepticism of the eBay deal and the massive CEO pay plan [4].
GameStop’s next key step is the annual shareholder meeting on July 7, where the absence of the CEO pay plan vote reflects the shift in focus to the eBay acquisition [2, 4]. New disclosures on the combined strategy are expected this week. [1, 2, 3, 4]
