Best Buy Co Inc 8-K, filed Apr 29, 2021
Best Buy Co Inc (BBY)
About this 8-K
Best Buy Co Inc filed this 8-K on April 29, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 29, 2021, Best Buy Co., Inc. (the “Company” or “registrant”) announced that Mike Mohan will be stepping down as the Company’s President and Chief Operating Officer, effective on July 1, 2021 (the “Departure Date”). The registrant does not currently intend to fill the position of President and Chief Operating Officer. Instead, upon Mr. Mohan’s departure, his responsibilities will be allocated to other members of the executive leadership team. Following his departure, Mr. Mohan will receive separation benefits under the registrant’s ERISA plan consistent with other officers at his level, subject to his execution of a release agreement that includes provisions addressing non-competition, confidentiality, and related matters. In addition, in lieu of any other long-term or short-term incentive compensation for fiscal 2022, and subject to and in consideration for retaining Mr. Mohan’s services through July 1, 2021, the Company has agreed to pay Mr. Mohan a one-time cash payment of $1,000,000, to be paid on or after the Departure Date.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
The following is furnished as an Exhibit to this Current Report on Form 8-K.
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Exhibit No. |
| Description of Exhibit |
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| BEST BUY CO., INC. |
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| (Registrant) |
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Date: April 29, 2021 | By: | /s/ TODD G. HARTMAN |
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| Todd G. Hartman |
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| Executive Vice President, General Counsel, Chief Risk Officer and Secretary |