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Best Buy, Inc. (NYSE: BBY) will be ushering in Brian Dunn as its new CEO next month. Dunn, a company veteran, has some solid plans to keep the largest consumer electronics retailer in the U.S. afloat throughout the ongoing economic recession.
But before that happens, current CEO Brad Anderson won't be going out with a bang. A pay bang, that is.
The company announced that Anderson's pay package was $3.2 million in 2008, with an actual salary of $1.25 million and no stock options or restricted stock at all in 2008 -- about a 60% drop from the previous year. Why the plunge?
Best Buy's board apparently heeded the current fallout over unjustified CEO pay packages. All in all, Anderson's total compensation in 2008 could be seen as entirely fair given all the CEO pay shenanigans in other industries. It totaled $3.2 million overall.
It still befuddles most informed, middle class Americans why CEOs with such dastardly performance are rewarded with such lavish pay packages and compensation amounts. Although this is finally (hopefully) being reined in, it took a near-collapse of the financial system to highlight it.
Best Buy's fiscal year sales that ended February 28 totaled $45.02 billion -- a 13% increase from the previous fiscal year's $40.02 billion. Do you think Anderson's pay was equitable with his company's performance? BBY shares have also risen to over $35 from a 52-week low of just over $16. How has Anderson done? Share you thoughts.
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