Games Workshop’s CFO sold off most of her stock on the way out the door amid the latest controversy for the miniatures company from the UK.
After 27 years with the company, Games Workshop CFO Rachel Tongue is leaving and selling her shares for over $850k. Now, everyone from YouTube to Reddit seems to want to know why, and most think it is because of the latest “woke” controversy enveloping the company- but is it?
Games Workshop CFO Liquidates Stock
Tongue joined the GW back in September 1996 as a group tax manager, two years after the company was first listed on the London Stock Exchange. She has been a part of the company’s board of directors for the last nine years, initially as group finance director and, since 2022, as chief financial officer. Her intention to retire was announced in the firm’s half-year report published in January of this year.
On April 19, Tongue sold 7,500 shares at an average value of $118 (£94.893) per share and earned $879,000, according to the Games Workshop’s notice to investors. She still holds 3,691 shares, or roughly one-third of her original holdings, which currently would be valued at about half of the sum that she just received.
Regardless, it’s a huge payday for Tongue, as GW’s stock hovered for a long time around $8-$15. However, since 2018 onward, the stock has basically exploded. As more people started collecting during the pandemic and then with the Cavill/Amazon series announcement, it has even gone higher.
Even with the past year’s dip since the Cavill announcement, the stock has taken another dip to back around $110 from almost $165. Either way, she sold high.
What Does This Mean For GW?
Honestly, probably not much. It’s not rare for executives to sell off their stocks before retiring and keep some as a nest egg. So, we wouldn’t look into this too deeply. However, there has been a lot of controversy lately with the company. They have had trouble getting products out the door since 2023, and they have been losing a lot of talent.
She obviously has a lot of insight into the company, and maybe she sees this as a good time to leave. Maybe GW’s attempt at fixing its legacy systems isn’t going to improve, and production is always going to be an issue. Perhaps it could be something to do with the most recent controversy, which some would label as “woke.”
Other companies like InBev (Bud Light) lost considerable value once similarly labeled boycotts against them gathered steam. We don’t think the Games Workshop hate will go that high, but you never know how it will be once all things are said and done.
While Rachel Tongue’s decision to sell off most of her stock may raise some questions, it’s important to remember that it’s not uncommon for executives to do so before retiring from any company. It’s also possible that Tongue simply saw this as a good opportunity to sell high. While there have been some controversies surrounding GW lately, it’s difficult to say whether this is related to Tongue’s decision.
Only time will tell what the future holds for GW and its stock price…
What are your thoughts on the Games Workshop CFO selling off stock like this?
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About the Author: Travis Pasch
Travis Pasch
Job Title: Head Writer & Editor
Socials: @paschbass
About Travis Pasch: Travis has been a Warhammer 40k hobbyist since the 1990s, playing the game since Third Edition. Through extensive traveling, he’s seen a lot of the miniatures hobby from across the world, giving him a unique perspective on the latest gaming topics and trends.
Travis’s brother even owns a commission painting studio, where he’s picked up a lot of good advice and techniques for painting Warhammer and tabletop miniatures over the years, as well. Travis joined the Spikey Bits team in 2019 and has been the lead writer since 2020.
Currently, he’s working on converting all his 40k Adeptus Mechanicus models and becoming a true tech enjoyer, complete with both sad and happy robot noises!
