Best Buy Selects Firm to Run CEO Search

News release:

Best Buy Selects Firm to Run CEO Search

MINNEAPOLIS, May 21, 2012 - The Board of Directors Search Committee of Best Buy Co., Inc. (NYSE:BBY) has selected Spencer Stuart to run a thorough search that will consider internal and external Chief Executive Officer candidates who will bring new leadership to the company. The committee selected Spencer Stuart because of its global expertise and experience recruiting for retail and digital companies. As previously announced, the Search Committee is chaired by Kathy J. Higgins Victor and comprised of independent directors. Best Buy also filed a Form 8-K summarizing the compensation agreement for director and CEO (interim) George L. "Mike" Mikan III. Mr. Mikan was appointed on April 10, 2012 to lead Best Buy while the search for a new CEO is conducted. For his service as CEO (interim), he will receive bi-weekly payments based on annual cash compensation of $3,300,000, representing an annual base salary of $1,100,000 plus $2,200,000 in annual compensation in lieu of Mr. Mikan's participation in the Executive Short-Term Incentive Plan. In lieu of Mr. Mikan's participation in the Long-Term Incentive Plan, Mr. Mikan will also receive up to 263,000 shares of the registrant's stock valued at approximately $5,000,000 upon the completion of his service as Chief Executive Officer (interim). The final amount of Mr. Mikan's stock award will be based on length of service and otherwise determined by the Compensation and Human Resources Committee of the Board based on Mr. Mikan's performance in the role. Mr. Mikan is considered an employee-at-will and is not subject to a separate employment agreement.  ###