Tuesday, May 15, 2012

Dunn is done ...

... but what a way to go out!

Two top Best Buy officers got their gooses cooked. You be the judge.

An AP article says Best Buy founder and chairman Richard Schulze is "stepping down", because the Board of Directors got its collective noses out of joint over the way he handled an internal policy violation. Schultze had learned that his long-time CEO, Brian Dunn, had a "special" friendship with a subordinate. Supposedly, Schultze climbed all over Dunn, but he didn't inform the Board or the company's HR department.

The article did not disclose the details of that "friendship", and both Dunn and the female "friend" claimed it was not romantic.

Dunn resigned in April. What did he get for his 28 years with Best Buy, when he was shown the door?

$1,100,000 bonus for 2012
$2,500,000 in stock grants
$2,900,000 severance pay
$   100,000 accrued vacation pay
$6,600,000

Not bad from a company that had just reported a $1.7 Billion loss.

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