Best Buy’s New CEO Gets Pay Package Worth up to $32 Million

Best Buy Co. awarded new Chief Executive Hubert Joly with a compensation package worth up to $32 million to lure him to the slumping electronics chain.

Much of the pay package — which is 2½ times more than the retailer earned in its most recent quarter — is intended to compensate Mr. Joly for money he was set to earn as CEO of hospitality chain Carlson Cos., a job he resigned last week to take the helm at Best Buy.

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