CEO Pay Watch: Hubert Joly, Best Buy Co. Inc.

  • Updated: April 29, 2014 - 8:37 PM
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Best Buy CEO Hubert Joly

Photo: Brian Peterson, Star Tribune

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CEO Pay Watch Best Buy Co. Inc.

Hubert Joly, CEO

Total compensation: $13,970,641 for the year ended Feb. 1

Salary: $1,175,000

Non-equity incentive pay: $2,514,500

Other compensation: $24,146

Exercised stock options: $6,654,492

Value realized on vesting shares: $3,602,503

New stock options: 250,358

Total fiscal 2014 shareholder return: 49.6 percent

Note: Joly’s total compensation was aided by more than $10 million in stock options and awards that he was allowed to access early in order to cover the costs of a divorce.

His base salary rate stayed the same, and he earned a $2.5 million bonus based on operating income (50 percent), comparable store sales (20 percent) and achievement of the company’s Renew Blue strategies (30 percent): cost containment, online revenue growth, a customer experience metric.

The company fell shy of the operating income and same store sales targets for the year but exceeded the Renew Blue targets and executives including Joly earned slightly more than the targeted bonus for the year.

Joly’s long-term equity incentive awards comprise performance-based restricted awards (50 percent), stock options (20 percent) and time-based restricted shares (30 percent). The company calculated the grant-date present value of those long-term incentives at $10.2 million. The realized value of those awards will depend on the future performance of Best Buy and its stock.

Patrick Kennedy

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