Best Buy CEO’s pay package falls 51%
New York City — The CEO of Best Buy received a pay package worth about $5 million in the most recent fiscal year, half what he got the year before, according to a document the company filed Friday with the Securities and Exchange Commission, the Associated Press said.
Brian Dunn, 50, received a base salary of $1 million and a performance-based bonus of $746,667, down 75% from his performance based bonus the year before. Dunn received option awards valued at $3.2 million when they were granted, down 48%.
The company said its worse-than-expected performance led to lower performance-based bonuses for top executives, including Dunn.
Dunn received other compensation worth $15,168, including contributions to his retirement plan, insurance premiums and a tax services reimbursement.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest 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.
Tesco acquires 80% stake in video streaming business
New York City — Tesco announced that it has acquired a majority stake in video-on-demand pioneer Blinkbox. The acquisition positions Tesco for the next stage in the Internet-driven revolution in home entertainment, the retailer said.
Blinkbox is the United Kingdom’s leading movie streaming service, offering thousands of titles streamed on the Internet.
Tesco has bought an 80% stake in Blinkbox from Eden Ventures and Nordic Venture Partners.
Richard Brasher, Tesco UK CEO said, "Whether customers want to own the DVD, download a digital movie, stream a rental or all three, Tesco is committed to giving customers choice. We want to allow them to decide how they access entertainment content and on which devices, whether it’s on PC, TV or tablet. The acquisition of blinkbox, together with a range of other services currently in development, means we can link physical purchase of a product to the building of digital collections in a new and seamless way.
Zale extends maturity of some debt
Dallas — Zale Corp. is extending the maturity of $120 million of its credit facility by more than two and a half years, the Associated Press reported.
The portion being extended includes a seasonal adjustment of $20 million. The debt was set to mature Aug. 11. Now, it matures on April 30, 2014.
Zale said Monday that commitments under the facility remain at $650 million, including a $108 million seasonal adjustment. All commitments mature on the new date in 2014.
Bank of America arranged the transaction and is serving as administrative agent. The bank is also part of the extension, raising its commitment by $20 million for a total of $145 million. General Electrical Capital Corp. is boosting its commitment by $40 million for a total of $165 million, and new participant Ally Bank is committing $60 million.