Best Buy Co. (Richfield, Minn.) is giving newly appointed ceo Hubert Joly a pay package valued at as much as $32 million over three years, reports The Wall Street Journal.
Last week, Joly resigned as ceo of hospitality chain Carlson Cos. to join the struggling electronics retailer. Among the package, The Journal reports, is a guarantee to Joly, a native of France, of financial compensation if he can't obtain a visa to work in the U.S. by the end of next month and the employment deal falls apart, and a yearly base salary of $1.175 million, with a guarantee of an annual long-term cash award of no less than $8.75 million for the company's coming fiscal year.
"The cash compensation is squarely in the mid-range for a ceo of a company the size of Best Buy," a company spokesman told The Journal. "This package was developed in consultation with leading search and compensation firms and is in-line with best practice for Fortune 50 companies."