Posted at 10:10 AM on May 14, 2012
by Paul Tosto
Filed under: Retail
Best Buy chief executive Brian Dunn resigned in April after allegations surfaced he had an inappropriate relationship with a female subordinate. But he still exits with a package worth more than $6 million.
Best Buy made details of the exit package available this morning as it released the results of its internal probe of Dunn's behavior.
The investigation found no evidence that Dunn misused company funds or aircraft. But slapped the ex-CEO for violating company policy by "engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment" a relationship that "demonstrated extremely poor judgment and a lack of professionalism."
Dunn still leaves with a big payday, though
After the investigation, he and the company negotiated a separation deal, including:
-- Previously earned FY2012 bonus: $1,140,000Using the May 11 stock price for calculation, the company calculates the total value of the severance package is $6,639,311.
-- Previously awarded and reported restricted stock grants of 131,876 shares, valued at close of business on Friday, May 11, 2012, ($19.28 per share), totaling $2,542,569
-- Severance payment of $2,850,000
--Compensation for unused vacation: $106,742
As part of the deal, Best Buy said Dunn agreed to three-year non-compete deal with Best Buy, up from the usual one year for executives leaving the company.