Best Buy's new CEO gets $20M+ pay package

Hubert Joly, the newly appointed CEO at the troubled Richfield-based electronics retailer will earn a base salary of $1.175 million in his first year, CNN Money reports. He will also receive a mix of cash and stock options worth $20 million, according to the Pioneer Press.

Joly takes the reins of Best Buy next month. He was officially named Best Buy’s new chief executive officer on Monday. Joly was the CEO of Minnetonka-based Carlson travel company.

On Tuesday, Best Buy reported its second-quarter net income plunged 90 percent because of weak sales and restructuring charges.