Best Buy CEO took 60% pay cut

Richfield, Minn. Best Buy Co. outgoing CEO took a compensation cut of 60% from the previous year as the retailer reduced its work force and offered buyouts to corporate staff.

Brad Anderson, who is retiring in late June, received compensation valued at $1.3 million, 60% less in the 2009 fiscal year, according to a report by the Associated Press.

The reduction is due mostly to the elimination of a performance bonus, according to a regulatory filing submitted to the Securities and Exchange Commission.

In 2008, Anderson was paid $3.2 million, which included a nearly $2 million performance bonus.

Anderson, 59, earned a base salary of nearly $1.25 million, a 6% increase from the previous year's salary of $1.17 million. He received no options or restricted stock in fiscal 2009, though other Best Buy executives did. He also received no options or stock in fiscal 2008.

He received nearly $16,000 in other perks, about 2% less than last year.

Anderson will be replaced by current president Brian Dunn, who is Best Buy's COO.