Earlier this week, Best Buy unveiled a new CEO in the form of hotel/restaurant exec Hubert Joly. And now come the details of just how well Joly will be compensated — even if he is never able to actually do the job he's been hired to do.
See, Hubert is a French citizen, which means he's got to wait for visa approval in order to take the job. But Best Buy's hometown newspaper the Minneapolis Star-Tribune reports that Joly would receive a $6.25 million payment from the electronics retailer if the visa is denied.
Of course, that's highly unlikely, as we're talking about the head of a multibillion dollar retail giant and not some college kid looking for a summer job in a foreign country.
A more likely scenario would involve Best Buy founder Richard Schulze's attempt to buy the company back. Schulze has made it clear that he disagrees with the current leadership's vision of the company and would most certainly install his own CEO.
If that happens at any time, Joly gets a nice little severance starting at $2.35 million (twice his annual base salary) with possible bonuses based on performance.
Just for signing with Best Buy, Hubie earns a $3.5 million lump sum payment plus a $3 million stock grant. On top of that, throw on another $6 million restricted stock award; $3.75 million in stock options, and $3.75 million in performance share units.
We really hope he's able to turn Best Buy around, because we would surely feel guilty taking all that money otherwise. Or maybe we'd just fill a pool with the cash and go for a swim.