FINANCE

Best Buy CEO compensation for five months on job put at $19.6 million

BY Staff Writer

New York — The CEO of Best Buy, Hubert Joly, earned compensation worth $19.6 million in his five months on the job in 2012, the Associated Press reported.

Joly, a turnaround expert, took the reins of the chain in September. Former CEO Brian Dunn left in April when a board investigation found that Dunn violated company policy by having a "close personal relationship" with a female staffer. Board member Mike Mikan, one of Best Buy’s board members, served as temporary CEO before Joly was hired.

Joly, 53, received a base salary of about $490,000 and a $3.5 million bonus for the year ended Feb. 2, 2013. The bulk of his pay came from stock and option awards valued at $15.6 million on the date that they were granted.

In the fiscal year ended Feb. 2, Best Buy’s loss narrowed to $249 million from $1.32 billion the year before. Revenue inched down less than 1%, to $49.62 billion.

The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

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P.Siegel says:
Apr-26-2013 01:16 pm

Best Buy's Payout
Companies that do obscene actions like this DESERVE to go CH XI or better yet Ch7

P.Siegel says:
Apr-26-2013 01:16 pm

Companies that do obscene actions like this DESERVE to go CH XI or better yet Ch7

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REAL ESTATE

Cabela’s announces plans for two new locations

BY Marianne Wilson

Sidney, Neb. — Cabela’s Inc. announced plans to open two new locations, with one in Tualatin, Ore., and the other in the north Edmonton, Alberta, Canada, area.

Construction is scheduled to begin this summer on the Canadian outpost, with a spring 2014 opening planned. The 50,000-sq.-ft. store will be located in the Manning Town Centre in north Edmonto.

Construction on the 100,000-sq.-ft. store in Tualatin, Ore., is expected to begin this fall, with a scheduled opening for fall 2014. It will be Cabela’s second store in Oregon.

Both stores will feature Cabela’s next-generation layout, designed to surround customers in an outdoor-like experience with trophy animal mounts and displays.

Currently, Cabela’s operates 44 stores across North America, including three in Canada.

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OPERATIONS

Aaron’s names COO

BY Staff Writer

Atlanta — Aaron’s said that David L. Buck has been named COO. Ken Butler, age 60, will be retiring as COO after a 39-year career at Aaron’s effective May 1. He will also resign from the Aaron’s board of directors.

Buck, age 63, was promoted to senior VP, operations earlier this year. He has risen steadily through the Aaron’s management development program during his 24 years with the company.

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