According to documents filed with the SEC, Joly will receive a base salary of $1.175 million a year. He’ll also qualify for a bonus of up to $8.75 million starting in 2014, CNNMoney noted.
In addition to that, the company will pay him $16.25 million in cash and shares. The added compensation was meant to ease his transition from hospitality company Carlson. By leaving the resort operator, Joly surrendered the rights to certain compensation he would otherwise have been due.
Best Buy will also offer Joly $3.75 million in conditional share grants, based on the price movements of company stock.
Yesterday, Best Buy reported second-quarter profits down 90% from last year and missed Wall Street revenue estimates.
Joly joins the retail chain after a tumultuous year for its senior management. In April, CEO Brian Dunn was forced to resign over an improper relationship with a female employee. Co-founder and chairman Richard Schulze was ousted a month later when the board learned he knew of that relationship and failed to advise them.
This month, Schulze launched an $8.84 billion buyout bid for the company. Best Buy ended talks about the offer over the weekend, saying he’d failed to meet their requirements to keep the discussion going.
Shares of Best Buy slipped fractionally in Wednesday morning trading.