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(Huffington Post)   Not News: Company gives outrageous bonuses to execs despite declining performance. News: Against the advice of the pay consultant that it hired, who then quit in protest. Obvious: the company is Best Buy   (huffingtonpost.com) divider line 35
    More: Stupid, Best Buy, executive compensation, restricted stock  
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2186 clicks; posted to Business » on 25 Jul 2012 at 2:22 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-25 02:26:10 PM
Smart homeowners always tear out the appliances, cabinets, and copper before the bank evicts them.
 
2012-07-25 02:31:40 PM
Are there any big box electronics stores doing well right now?

Other than the obvious unemployment, what will be the downsides to them all going out of business?
 
2012-07-25 02:32:56 PM
The slideshow of executive compensation at the bottom of that image is pretty sicking. especially the "up from 2010" percentages. Wish they would have shown what pay cut or raises that the average employee took, or how many people were laid off. and how many laid off employees could have been kept for the amount that the executive compensation went up.
 
2012-07-25 02:36:04 PM
FTFA: The company is using the bonuses in part to prevent a management exodus, telling Reuters in a statement that the bonuses "are intended to ensure leadership continuity at Best Buy." Best Buy did not respond to a request for comment from The Huffington Post.

If your company is taking a nose dive towards collapse ... besides the fact that obviously your executives suck ... what do you have to lose in hiring new executives to shake things up? I hate when cash cows area lead out to pasture just because they don't produce enough. People are going to lose all their income and benefits because someone above them wasn't making enough money.
 
2012-07-25 02:44:44 PM
They'll be gone by Christmas.
 
2012-07-25 02:51:21 PM

HellRaisingHoosier: FTFA: The company is using the bonuses in part to prevent a management exodus, telling Reuters in a statement that the bonuses "are intended to ensure leadership continuity at Best Buy." Best Buy did not respond to a request for comment from The Huffington Post.

If your company is taking a nose dive towards collapse ... besides the fact that obviously your executives suck ... what do you have to lose in hiring new executives to shake things up? I hate when cash cows area lead out to pasture just because they don't produce enough. People are going to lose all their income and benefits because someone above them wasn't making enough money.


The super wealthy are completely disconnected from reality. They don't realize that regular people like us can't just move to another company run by other super rich to sit on a board and collect a paltry 7 figure check. These people spend more on gas in a week than you or I make in a year. They just can't understand that when we lose 20 or 30 thousand out of our salary, it's a crippling event. They see 20 and 30k the same way you or I look at 20 or 30 cents.
 
2012-07-25 02:52:36 PM

SuperT: The slideshow of executive compensation at the bottom of that image is pretty sicking. especially the "up from 2010" percentages. Wish they would have shown what pay cut or raises that the average employee took, or how many people were laid off. and how many laid off employees could have been kept for the amount that the executive compensation went up.


No kidding. I mean, really. What exactly is it these people do that warrants $37 million a year?
 
2012-07-25 02:55:02 PM

Bleyo: Are there any big box electronics stores doing well right now?

Other than the obvious unemployment, what will be the downsides to them all going out of business?


No downside. Electronic retailers have no reason to exist. Hell, apart from food, clothing, and construction, it's hard to imagine any retailers surviving in the long term. Except Wal-Mart, of course.

The internet has killed the "middle-man". Which is all retailers are these days. I say good riddance. The problem is, as you said, jobs. The United States is an entire *country* full of middle-men. We don't make much stuff anymore, we just sell it. That will have to change.
 
2012-07-25 02:57:17 PM

Bleyo: Other than the obvious unemployment, what will be the downsides to them all going out of business?


Where am I going to go to sample TVs before buying them from Amazon for $400 less?
 
2012-07-25 02:58:44 PM

abhorrent1: SuperT: The slideshow of executive compensation at the bottom of that image is pretty sicking. especially the "up from 2010" percentages. Wish they would have shown what pay cut or raises that the average employee took, or how many people were laid off. and how many laid off employees could have been kept for the amount that the executive compensation went up.

No kidding. I mean, really. What exactly is it these people do that warrants $37 million a year?


They grow the brand Lela. They know how to say things like....

"On a going forward basis we're going to synergize our production paradigms with our right-sourced global resources in such a way as to leverage addition revenue streams in a just in time fashion so your takeaway is create an action item and cc the cost center team"

with a straight face.
 
2012-07-25 03:02:25 PM
A friend works at their corporate HQ in Minneapolis. A LOT of their mid-level managers have jumped ship over to Target in the past 3 weeks. Yesterday, 3 people in the purchasing dept. left.
 
2012-07-25 03:31:17 PM

brigid_fitch: A friend works at their corporate HQ in Minneapolis. A LOT of their mid-level managers have jumped ship over to Target in the past 3 weeks. Yesterday, 3 people in the purchasing dept. left.


Note to self: sell stock in Target.

/ that I don't own
 
2012-07-25 03:37:30 PM
If only Circuit City would go out of business again.
 
2012-07-25 03:38:20 PM

Bleyo: Are there any big box electronics stores doing well right now?

Other than the obvious unemployment, what will be the downsides to them all going out of business?


Frys seems to be kicking butt...
 
2012-07-25 03:48:52 PM

Bleyo: Are there any big box electronics stores doing well right now?


Aside from Target, WalMart etc there will probably be just a few regional chains like PC Richards before long. The PC Richards by my house is about half the size of the Best Buy up the road and there are plenty of salespeople to help out, which some people like. There will always be a local guy who can find a little niche.

/If BB can hold out, it will help that, at least here in NJ, Amazon will start charging sales tax next year.
 
2012-07-25 03:59:55 PM

mcreadyblue: Bleyo: Are there any big box electronics stores doing well right now?

Other than the obvious unemployment, what will be the downsides to them all going out of business?

Frys seems to be kicking butt...


Fry's is also the only one that sells legitimate computer hardware. Best Buy will sell you a few things at top dollar. Frys always has some kick ass deals going on just about anything you need. You just have to put up with their annoying cashier system and draconian returns.
 
2012-07-25 04:11:37 PM
Where am I going to go to sample TVs before buying them from Amazon for $400 less?

fool, buy your electronics at Costco
 
2012-07-25 04:20:52 PM
So before 7 years ago, pay was not tied to performance.

Then, pay was linked to performance.

Now, since performance sucks, pay is decoupled from performance, oh and also to prevent the rats from jumping ship.

Free Marketeers, explain to me how the above is in any way consistent with rational free marketry. And don't give me "companies do what they must to earn more dollars", since it's clear that whatever tack Best Buy took, they didn't make more money.
 
2012-07-25 06:21:45 PM

E_Henry_Thripshaws_Disease: Where am I going to go to sample TVs before buying them from Amazon for $400 less?

fool, buy your electronics at Costco


They rarely carry the model numbers you'd actually want to buy. They do have some great deals on toilet paper though.

/Isthatguy
 
2012-07-25 06:24:27 PM

k4mi: mcreadyblue: Bleyo: Are there any big box electronics stores doing well right now?

Other than the obvious unemployment, what will be the downsides to them all going out of business?

Frys seems to be kicking butt...

Fry's is also the only one that sells legitimate computer hardware. Best Buy will sell you a few things at top dollar. Frys always has some kick ass deals going on just about anything you need. You just have to put up with their annoying cashier system and draconian returns.


Fry's for what I need today. Newegg for what I need tomorrow. Mostly newegg though.
 
2012-07-25 06:28:25 PM
The company is using the bonuses in part to prevent a management exodus, telling Reuters in a statement that the bonuses "are intended to ensure leadership continuity at Best Buy."

Perhaps the exodus of its existing executives is precisely what Best Buy needs. Does the board of directors really think that the existing management staff will suddenly change directions with fresh, ambitious ideas? Or is it simply a case of the board looking out for their fellow execs?

/I think I know the answer...
 
2012-07-25 07:14:47 PM
You start cutting bonuses, you're going to lose your top guys. You got to separate the wheat from the chaff somehow.
 
2012-07-25 07:25:29 PM

HellRaisingHoosier: FTFA: The company is using the bonuses in part to prevent a management exodus, telling Reuters in a statement that the bonuses "are intended to ensure leadership continuity at Best Buy." Best Buy did not respond to a request for comment from The Huffington Post.

If your company is taking a nose dive towards collapse ... besides the fact that obviously your executives suck ... what do you have to lose in hiring new executives to shake things up? I hate when cash cows area lead out to pasture just because they don't produce enough. People are going to lose all their income and benefits because someone above them wasn't making enough money.


Same at Hawker-Beechcraft. The executives utterly failed at turning the company around, and want bonuses to stay until the sale is finished. My opinion: I hope the door permanently leaves a mark on your a$$ on the way out.
 
2012-07-25 07:30:06 PM

swaxhog: You start cutting bonuses, you're going to lose your top guys.


I always have to wonder what the meaning of "top guys" is. It doesn't have much to do with their business acumen, if Best Buy's performance is any indication. But that excuse keeps coming up, and I can only assume it's because "top guys" doesn't mean what I think it means.

/inigomontoya.jpg
 
2012-07-25 08:07:57 PM

k4mi: Fry's is also the only one that sells legitimate computer hardware. Best Buy will sell you a few things at top dollar. Frys always has some kick ass deals going on just about anything you need. You just have to put up with their annoying cashier system and draconian returns.


If you have one nearby Microcenter sells computer hardware as well, at least it seemed to the one time I went there.
 
2012-07-25 08:46:50 PM

Cndn Bacon:
If you have one nearby Microcenter sells computer hardware as well, at least it seemed to the one time I went there.


I am fortunate enough to have both, and they are five minutes apart. The Fry's is MUCH bigger, but it can make for some quick comparison shopping / haggling when you find the same item in both stores..

I needed an HDMI-DVI adapter for a new laptop at work. Made the laughable error of going to Best Buy first, at lunchtime, because they were closer. "yes, sir, and it's only $29.99." "Which at that price you can put right back on the peg." Microcenter for the win at $7.99 the next day.
 
2012-07-25 08:47:40 PM

Sergeant Grumbles: swaxhog: You start cutting bonuses, you're going to lose your top guys.

I always have to wonder what the meaning of "top guys" is. It doesn't have much to do with their business acumen, if Best Buy's performance is any indication. But that excuse keeps coming up, and I can only assume it's because "top guys" doesn't mean what I think it means.

/inigomontoya.jpg


They have to keep their top guys on it. TOP guys.
 
2012-07-25 09:34:16 PM

realmolo: No downside. Electronic retailers have no reason to exist.


You're still going to need a showroom for some items. Televisions are one of them.

[csb]
I went to replace my 5 year old 42" plasma with a new 47" plasma from the same manufacturer. Found a smoking deal on one of the big electronics chains. I was somewhat hesitant to get it sight unseen but I bought it anyway. Arrived a few days later, set it up and and hated the picture. Wife hated it too. Had to drag it down to the nearest UPS store to send it back. Lesson learned was that you cannot trust the specs or past performance to gauge what a new unit will be like.
[/csb]

Running into the same problem with keyboards. Want to test out a replacement before I buy one rather than order a bunch online and then send them back. Will probably run down to Fry's Electronics and get it there.
 
2012-07-25 09:38:48 PM

Bleyo: Other than the obvious unemployment, what will be the downsides to them all going out of business?


The extended warranties they sell will become worthless oh wait
 
2012-07-25 10:58:49 PM
They do have some great deals on toilet paper though

the 3-ply comes with concierge service
 
2012-07-25 11:07:26 PM

El Dudereno: Sergeant Grumbles: swaxhog: You start cutting bonuses, you're going to lose your top guys.

I always have to wonder what the meaning of "top guys" is. It doesn't have much to do with their business acumen, if Best Buy's performance is any indication. But that excuse keeps coming up, and I can only assume it's because "top guys" doesn't mean what I think it means.

/inigomontoya.jpg

They have to keep their top guys on it. TOP guys.


indiana-jones-and-raiders-of-lost-ark.trailertheater.com
 
2012-07-26 08:21:45 AM
static.tvguide.com
 
2012-07-26 03:28:42 PM
What does Best Buy offer that other stores don't? Amazon has far greater selection and Sears/Lowes/HD cover appliances.
 
2012-07-26 05:56:29 PM

Asako: What does Best Buy offer that other stores don't? Amazon has far greater selection and Sears/Lowes/HD cover appliances.


A lot of blue and yellow. First, when you enter and exit their store, and then once the bruise near your wallet starts to heal..
 
2012-07-26 08:10:20 PM

realmolo: The United States is an entire *country* full of middle-men. We don't make much stuff anymore, we just sell it. That will have to change.


I work in a warehouse, we take in product, remove vendor labeling, attach own labeling, send product out at high markup. When people ask what our company makes or does, we don't really have an answer.
 
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