Best Buy is paying incoming CEO Hubert Joly a signing bonus that amounts to $20 million, on top of a $1.175 million base salary and an annual bonus of up to 400 percent of his salary. That's according to disclosure forms filed by the company and obtained by the Minneapolis Star Tribune.
Joly was announced as the embattled retail giant's new chief executive on Monday and will take over next month.
The $20 million, the paper said, will consist of a $3.5 million lump sum, $6 million restricted stock award, a $3.75 million stock options award, and $3.75 million in performance share units.
