Hubert Joly, Best Buy Co. Inc., chairman and CEO
Total compensation: $23,256,551 for the year ended Jan. 29, 2016
Nonequity incentive pay: $3,814,050
Other compensation: $29,028
Value realized on vesting shares: $18,238,473
New stock options: 158,445
Total fiscal 2016 shareholder return: minus 17 percent
Note: $18.2 million of Hubert Joly’s total compensation came from restricted stock awards that he was granted from 2012 to 2015 and that vested and were realized last year. That included the final vesting of time-based restricted stock awards granted to Joly when he joined Best Buy in September 2012.
Some of those long-term equity awards were time-based restricted stock awards and others were performance based restricted stock awards dependent on Best Buy’s total shareholder return from Oct. 1, 2012, to Sept. 30, 2015. The total return for Best Buy’s stock in the fiscal year ended Jan. 29, 2016, was negative 17 percent. But the return on Best Buy’s stock during the three year period ended on Sept. 30, 2015, was better than 70 percent of S&P 500 companies and earned Joly the maximum award in that category.
The short-term incentive award was based on achievement of Best Buy’s Renew Blue initiatives, including measures for operating income, comparable sales, U.S. online revenue growth, and customer experience in fiscal 2016. During the year, the company largely exceeded the targets for those awards, which earned Joly and other executives performance bonuses that were larger than the previous year.