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
The Minneapolis-based retailer spent less on traditional lobbying but about the same if its $1M gift to President Donald Trump’s inaugural fund is counted.
