Best Buy's financial performance in fiscal 2023 fell short of goals. As a result, executives, including CEO Corie Barry, received much smaller bonuses.

Here are detail's of Barry's compensation.

  • Total compensation for the year ended Jan. 31: $13,358,371
  • Salary: $1,300,000
  • Non-equity incentive plan compensation: $456,300
  • Other compensation: $81,957
  • Value realized on vesting shares: $11,520,114
  • Median employee pay: $32,197
  • CEO pay ratio: 399 to 1
  • Total fiscal 2023 shareholder return: -6.6%

Note: Best Buy hit only 17.6% of the combined revenue and earnings targets set for the year after very strong performance in fiscal 2023. As a result, Barry's annual incentive pay was more than $4 million less than the fiscal 2022 bonus of $4.7 million.

Of her incentive pay, 15% was based on new ESG — or environmental, social and governance — goals.

"The integration of the ESG goals into the STI (short-term incentive) program was an important step to continue to align leadership behaviors to the desired impacts in and for the communities in which the company serves," the proxy said.

When the compensation committee approved financial goals for fiscal 2023, it did so based on projections Best Buy and the electronics industry as a whole would have a difficult comparison to the prior year. Fiscal 2022 benefited from robust consumer purchasing driven by the pandemic and government stimulus payments.

The board set goals that were less than fiscal 2022's actual results but at levels still meant to motivate executives. Consumer spending ended up being less than expected, and the company failed to meet the minimum targets. But progress on the ESG metrics salvaged small bonuses for the executive team.

The bulk of Barry's compensation comes from long-term incentive awards. Restricted stock awards that vested earned her $11.5 million for Best Buy's financial performance over the prior three years, which included the pandemic bump. Barry's restricted stock awards that vested were 36% more than the $8.4 million she realized in the prior year.

Barry's overall pay was down from $14.5 million in fiscal 2022.