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

ambulance

1 killed, 1 injured after being ejected from 3-wheel motorcycle

The pair was ejected after the motorcycle left the roadway.

Alex Rodriguez

Reports: Agreement in place to sell Wolves, Lynx to A-Rod, Lore

The deal was first reported to be in the works on April 10.

santa rosa vandalism suspects

3 accused of vandalizing former home of Chauvin defense witness arrested

Police believe more people may have been involved in the vandalism.

BMTN image - Trail closed signs on West River Parkway near Hennepin Avenue Bridge -

Listen: 'Trail Closed' sign plays X-rated message, to shock of pedestrians

The speaker is supposed to play a "Trail closed" message. Instead, it played filth.

lane-kueng-thao - edit

Trial of 3 ex-officers charged in George Floyd's death delayed to 2022

This comes after the U.S. Department of Justice filed charges against the officers last week.

Target Field

Twins: Target Field to return to 100% capacity from July 5

The Twins are increasing capacity for its May and June games, too.

Bob Kroll

Minneapolis City Council committee votes not to provide Bob Kroll defense in lawsuits

On Wednesday, the Policy and Government Oversight Committee voted to deny Kroll indemnification in four lawsuits he is named in.

internet

Pandemic program gives eligible households $50 off monthly internet bills

The Emergency Broadband Program was passed by Congress as part of a COVID-19 relief package in December.

Twitter -  Jennifer McDermed glitch - FOX 9

FOX 9 meteorologist's glitchy, laugh-filled forecast goes viral, features on Fallon

The FOX 9 meteorologist's clip was shared on 'Jimmy Fallon' and 'GMA.'

police lights

Suspects, possibly armed, flee after gunshots and car crash in Bemidji

Police say they may be armed, and are asking the public for tips.

Related

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.

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.

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.

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.

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."

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.

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.

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.