Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On April 9, 2020, the Compensation and Human Resources Committee of the
Board of Directors (the "Board") of Best Buy Co., Inc. (the "Company" or
"registrant") approved, with the agreement of the impacted executive officers,
temporary salary reductions for the period of April 12, 2020, through September
1, 2020. The base salary of Corie Barry, Chief Executive Officer ("CEO"), has
been reduced by 50% as set forth below, and the base salaries of Matt Bilunas,
Chief Financial Officer, and the named executive officers, have been reduced by
20%, as set forth below:
Name and Title Salary
From To
Corie Barry, CEO $1,160,000 $580,000
Mike Mohan, President and Chief Operating Officer $1,000,000 $800,000
Kamy Scarlett, Chief Human Resources Officer $800,000 $640,000
Matt Bilunas, Chief Financial Officer $775,000 $620,000
In addition, the Board also accepted an offer by Hubert Joly, Executive
Chairman, to reduce his base salary by 50% from $650,000 to $325,000 through the
duration of his term on the Board. Mr. Joly previously announced that he would
not stand for re-election at the Company's 2020 Regular Meeting of Shareholders
and would step down from the Board at the conclusion of the meeting. The
Company's Regular Meeting of Shareholders is scheduled for June 11, 2020.
The Board also agreed to reduce its cash retainer fees for each individual board
member by 50% for the same period.
Item 7.01 Regulation FD Disclosure.
On April 15, 2020, the Company announced business updates related to COVID-19.
The news release issued on April 15, 2020, is furnished as Exhibit 99 to this
Current Report on Form 8-K and is incorporated herein by reference. This Item
7.01 and Exhibit 99 shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to
liability of that Section unless the registrant specifically incorporates them
by reference in a document filed under the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following are furnished as Exhibits to this Current Report on Form 8-K.
Exhibit No. Description of Exhibit
99 News release issued April 15, 2020 (furnished pursuant to Item
7.01). Any internet address provided in this release is for
information purposes only and is not intended to be a hyperlink.
Accordingly, no information at any internet address is included
herein.
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document).
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