A filing with the U.S. Securities and Exchange Commission reveals that Richfield-based Best Buy gave their new chief financial officer Sharon McCollam a $4.5 million signing bonus, the Pioneer Press reported.
The news comes as the struggling electronics retailer's shares plunged 10 percent to $13.75 Friday, which marked a 52-week low.
McCollam, the retired CEO and CFO of Williams-Sonoma, will receive the bonus in the form of cash, stock options and company shares over time, the Pioneer Press reported. The 50-year-old executive will make an annual salary of $925,000 and a bonus of at least $231,000.
Joly, a former Carlson Companies executive, started with Best Buy in September.
Meanwhile, Best Buy founder Richard Shulze is expected to make an offer next month to buy back the company.