The struggling Richfield-based electronics giant has given four executive vice presidents millions in cash and stock incentives to stay with the company. The Business Journal reports each executive would have to return the money if he or she left the company voluntarily within one year of the hiring of a new CEO. Best Buy says the "continuity award agreements are necessary to enable a stable CEO transition and appropriate continuity of leadership."
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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."
Schulze to interview key Best Buy executives
Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.
Fourth top executive leaving Best Buy in less than two months
CFO Dave Deno is the second top executive to announce his departure this week from the troubled Richfield-based electronics retailer. CMO Barry Judge resigned Wednesday. CEO Brian Dunn stepped down last month amid an investigation into his personal conduct and Geek Squad founder and CTO Robert Stephens left in March.
Best Buy warns sales will be down in Q3, pair of executives plan to exit
Best Buy has announced a new leadership organization for its U.S. operations, including the departure of Mike Vitelli, president of Best Buy's U.S. business, according to a news release. He who will retire in February. Executive Vice President of U.S. Operations Tim Sheehan will also leave the Richfield-based retailer at the end of October. Best Buy also gave a dismal preview of its third-quarter figures.
Best Buy executive stock options on the verge of being worthless
The Richfield-based retailer has watched the value of its shares drop more than 50 percent over the past two years as it struggles to grow sales. If the trading price continues to fall below the option price, the options held by executives are valueless. The Star Tribune explains ...
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