Best Buy Says Former CEO Dunn May Get $3.2 Million
Brian Dunn may receive either $3.1 million or zero in termination payments after he resigned as chief executive officer of Best Buy Co. (BBY), depending on whether his departure was deemed voluntary.
Dunn, 52, would not be entitled to any payment if it is determined that he resigned voluntarily while he would receive payment if his departure is deemed involuntary, Richfield, Minnesota-based Best Buy said in a filing today.
Best Buy, the world’s largest consumer-electronics retailer, said in the filing that it’s reviewing Dunn’s compensation pending its investigation into his personal conduct. Dunn’s payment under the terms of an involuntary departure would comprise cash of $2.2 million and stock awards of $891,367, as of the fiscal year ended March 3, the filing said.
The company also said it will make the results of its probe into Dunn publicly available and plans to disclose the final terms of his departure. Dunn resigned on April 9.
Best Buy “has no comment” regarding Dunn’s compensation beyond the filing, Bruce Hight, a spokesman, said by e-mail today.
Last fiscal year, Dunn’s compensation increased 41 percent to $7.1 million, boosted by stock awards of $3.6 million, according to the filing. His salary increased 5.6 percent to $1.1 million while option awards declined 29 percent to $2.3 million. He received no stock awards a year earlier.
Best Buy slipped 0.1 percent to $20.10 at the close in New York. The shares have dropped 14 percent this year.
To contact the reporter on this story: Chris Burritt in Greensboro at firstname.lastname@example.org
To contact the editor responsible for this story: Robin Ajello at email@example.com