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October 1, 2014

Best Buy compensation consultant resigns, opposed retention bonuses

Longtime independent compensation expert, Don Delves, is no longer working with Best Buy’s compensation committee. Bloomberg reports Delves quit after the Richfield electronics giant awarded more than 100 managers extra pay without linking it to performance — a decision he opposed. According to an email statement, Best Buy said the incentive pay is “intended to ensure leadership continuity.”

In June, Best Buy confirmed it paid four top executives a total of more than $10 million in cash and stock options to stay with the struggling retailer.

Former CEO Brian Dunn abrutply resigned in April amid an internaal probe into an improper relationship with a female employee.

Best Buy founder and chairman Richard Schulze also left the company in June and is exploring options for his 20.1 percent ownership stake.