SEC: Best Buy gives new chief financial officer $4.5M signing bonus


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.

McCollam was officially hired Monday, just as new Best Buy CEO Hubert Joly began to present his new vision for Best Buy to analysts and investors in New York City.

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.

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