Dunn to Get Multi-Million Dollar Severance Package
Brian Dunn resigned as CEO on April 9 amid a personal conduct investigation and shortly after the company announced it would be closing 50 stores.
Former Best Buy CEO Brian Dunn is set to receive a $6.6 million severance package.
According to CBS Local, the payout includes a 2012 bonus of $1.1 million, stock grants of $2.5 million, a severance payment of $2.9 million and more than $100,000 for unused vacation. The amount is more than double the $3.2 million Bloomberg Business reported earlier this month.
The severance announcement came shortly after Best Buy's audit committee released a three-report on its investigation into Dunn's alleged relationship with a female staffer. The committee determined that Dunn had acted inapproriately, however, there was no misuse of company money. The company's found Richard Schulze announced he would step down as chairman after the investigation found he knew about the affair and neglected to report it.
According to CNN Money, Dunn cannot take a job with a competitor for three years. The company is still looking for Dunn's replacement, which could take months.
Other articles on this topic:
- Best Buy: Dunn Acted Inapproriately; Founder to Step Down as Chairman
- Former Best Buy CEO May Get Millions After Resignation
- Fourth High-Level Best Buy Exec Leaves Company
- Best Buy's Chief Marketing Officer Resigns
- Poll: Has Your Opinion of Best Buy Changed?
- Best Buy CEO Search Moves Forward
- Best Buy Announces Full List of Store Closures
- Best Buy Board Investigates Dunn's Possible Relationship With a Female Staffer
- Best Buy CEO Resigns Amid Personal Conduct Investigation
- City Manager: 'I Have Every Confidence Best Buy Will Turn it Around'
- Richfield Best Buy Store to Be Downsized; Ulta Moving In
- Best Buy Announces 5 Twin Cities Closures
- Best Buy to Close Dozens of Stores, Cut Employee