Skip to main content

Best Buy's interim CEO makes $3.3 million

Interim Best Buy CEO G. "Mike" Mikan is getting an annual base salary of $1.1 million, the equivalent of former CEO Brian Dunn's pay. In addition, Best Buy also will pay Mikan based on the annual performance bonus that Dunn could have earned last year: $2.2 million. Corporate governance experts say Mikan's pay is overly generous, given his lack of retail experience.
  • Author:
  • Updated:
    Original:

Interim Best Buy CEO G. "Mike" Mikan is getting an annual base salary of $1.1 million, the equivalent of former CEO Brian Dunn's pay. In addition, Best Buy also will pay Mikan based on the annual performance bonus that Dunn could have earned last year: $2.2 million. Corporate governance experts say Mikan's pay is overly generous, given his lack of retail experience.

Next Up

holy angels high school j nelson
MN News

Update: Holy Angels evacuated over bomb threat, school says

Someone left a voicemail early Tuesday suggesting there was an explosive device.

radio station, microphone
MN News

Convicted stalker charged with harassment of another DJ at The Current

He pleaded guilty to similar charges involving the DJ's colleague back in 2015.

Mall of America exterior Tyler Vigen Wikimedia COmmons
MN Shopping

10 new shops, food stops at Mall of America

Donuts, K-fashion, model cars — the new tenants cover a lot of bases.

Gophers basketball
MN Gophers

Gophers fall below roster minimum, postpone Penn State game

It is "due to internal COVID-19 protocols within the Golden Gopher program."

Raheem Morris
MN Vikings

Report: Vikings request interview with Rams' Raheem Morris

Morris was once the youngest head coach in the NFL at 33 years old.

train crossing S Boardman Ave, New York Mills, Minnesota - August 2013 crop GSV
MN News

Sheriff: Drunk driver crashed trying to 'beat the train'

The BNSF train slammed into the side of the driver's car.

ambulance
MN News

Man run over after parking dispute leads to road rage crash

The two groups fought about parking prior to the crash.

hwy 41 engler boulevard crash crop
MN News

Deadly crash shuts down small stretch of Chaska highway for hours

A driver crossed over the center median and hit another vehicle.

covid test 6
MN Coronavirus

You can now order 4 free at-home COVID tests from the government

Tests will ship for free within 7-12 days, according to the White House.

covid-19
MN Coronavirus

Minnesota's COVID-19 update for Tuesday, January 18

Minnesota has reached 11,000 COVID-19 deaths.

unsplash - classroom students teachers
MN Coronavirus

St. Paul students have list of demands for district amid COVID response

They've released a list of demands.

1114_LA-116
MN Vikings

Vikings must continue building out receiving corps in 2022

Justin Jefferson headlines a young, promising group, but more depth is still needed

Related

MN News

CEO Brian Dunn resigns from Best Buy

Dunn is stepping down after being with the Richfield-based electronics retailer for nearly 30 years. Best Buy recently announced it was closing 50 stores and terminating 400 corporate jobs. Board member Mike Mikan will serve as interim CEO during the search for a permanent replacement.

MN News

Best Buy selects CEO search committee

Four board members will lead the global search for a new chief executive officer at the Richfield-based electronics retailer. Brian Dunn resigned from the leadership position amid an investigation into his personal conduct. Interim CEO Mike Mikan is considered a candidate to permanently replace Dunn. Best Buy expects the search process to take six to nine months.

MN News

Best Buy CEO: We'll rise despite upheaval

After a series of bombshells that have shaken the company, Best Buy's interim CEO is trying to reassure employees that the electronics retail giant will rebound and rise again. "This has undoubtedly been the most difficult period in Best Buy's history," G. Mike Mikan said in a video message to employees Tuesday, the Pioneer Press reports.

MN News

Best Buy selects the nation's largest executive search firm to find its next CEO

The Richfield-based consumer electronics giant hopes to hire Brian Dunn's replacement within the next nine months. Dunn resigned in April amid an internal probe that later found he had an inappropriate relationship with a female employee. Best Buy also disclosed interim CEO Mike Mikan's compensation package. He is considered a candidate to permanently replace Dunn.

MN News

Best Buy CEO resigned amid misconduct investigation

A spokeswoman for Best Buy says a committee was investigating Brian Dunn's personal conduct when the CEO chose to resign. She says the issues that led to the investigation were not related to Best Buy's operations or finances. The company described Dunn's departure as a "mutual agreement that it was time for new leadership."

MN News

CEO's resignation won't end Best Buy's investigation of his conduct

Best Buy's board of directors says its investigation into Brian Dunn's personal conduct remains open even though Dunn stepped down as CEO this week. The company says the conduct it's looking into does not involve Best Buy operations or finances, but has offered no other details.

MN News

Best Buy's new CEO gets $20M+ pay package

Hubert Joly, the newly appointed CEO at the troubled Richfield-based electronics retailer will earn a base salary of $1.175 million in his first year, CNN Money reports. He will also receive a mix of cash and stock options worth $20 million, according to the Pioneer Press. Joly takes the reins of Best Buy next month.

MN News

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.