Best Buy CEO Hubert Joly made $16.7 million last year

Half of the total trousered by Hubert Joly was in stock options.
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Hubert Joly raked in $16.7 million as Chief Executive Officer of Richfield-based Best Buy over the last fiscal year.

The figure was revealed in a filing by Best Buy that shows Joly's compensation in the 2018 fiscal year rose 19 percent compared to 2017.

He made a base salary of $1.286 million, a slight rise on last year, but saw a boost in his stock options to $8.6 million, and a $4.6 million payout in bonuses.

At just over $16.7 million total, Joly trousered a whopping 699 times more than the median Best Buy employee pay of $23,980 for the year.

Pay for Hubert Joly, other Best Buy execs

But there's an argument to be made that he's worth it, at least that's what the Business Journals argued last year when it was revealed Joly had earned $14 million.

It named him one of Minnesota's most "appropriately paid" CEOs, measuring CEO pay with a company's performance.

Related:

– 9 Burger Kings shut without warning across Minnesota.

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The French native has overseen a reversal of the once struggling retailer's fortunes since taking over in 2012, thriving in spite of difficult market conditions brought on by the growth of online rivals like Amazon.

The retailer has posted four consecutive years of full-year, comparable sales growth, and its revenue this past financial year grew by more than $2.7 billion.

It recently announced a partnership with Amazon that will see it sell Fire TV-enabled flatscreens in its stores, as well as on Amazon.com.

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