Best Buy CEO Pay Package Drops by Half

By: Associated Press
By: Associated Press

color money

NEW YORK (AP) -- An Associated Press calculation shows the CEO of
Best Buy got about $5 million in compensation in the company's most
recent fiscal year, half what he got the prior year.

The largest U.S. electronics retailer is coping with slowing demand as consumers change how they buy electronics.

The company said in a document filed Friday with the Securities and Exchange Commission that lower-than-expected performance led to lower performance-based bonuses for top executives.

The 50-year-old CEO, Brian Dunn, received a base salary of $1-million and a performance-based bonus of $746,667, down 75 percent from the year before.

His stock option awards, worth $3.2 million, fell 48 percent.

The AP's calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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