New Best Buy CEO will make base pay of $1.1M

When Best Buy Chief Financial Officer Corie Barry takes over as chief executive in June, she will get a salary bump of more than $300,000 a year.

Right now, she is making $764,423 a year in base pay, according to filings with the Securities and Exchange Commission. As CEO, Barry, who turns 44 on Thursday, will make a salary of $1.1 million.

Salary is not take-home pay. Best Buy's last pay filing also showed that Barry made $2.1 million in non-equity incentive pay and also received stock options, for a total compensation package of $4.2 million.

As CEO, Barry's bonus will be 175 % of her base salary if Best Buy meets performance goals. The bonus could be higher depending on how much those goals were exceeded.

Barry as part of her promotion package also will receive a stock award worth $5.5 million stock.

The package is in line with other retail companies. Current Best Buy Chief Executive Hubert Joly, Target CEO Brian Cornell and Walmart CEO Douglas McMillon all have base salaries of about $1.3 million. Macy's CEO Jeff Gennette's salary is $1.2 million.

With bonuses and stock awards, Joly made a total of $22.5 million in the fiscal year ended Feb. 3, 2018.

As Joly moves from CEO to executive chairman, his base salary will fall to $650,000 a year. His bonus and stock award maximums also will fall commensurately.

The base salaries of both Barry and Joly will be prorated since the change is happening in June.