Best Buy Won’t Replace COO Mohan When He Departs July 1
Best Buy will give Mike Mohan a one-time $1 million cash payment -- equaling his 2020 base salary -- when he steps down as president-chief operating officer, effective July 1, said the company's 8-K filing Thursday at the SEC. Mohan…
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also will qualify for unspecified “separation benefits” once he signs noncompete and confidentiality agreements when he leaves, it said. Best Buy has no plans to replace Mohan when he departs but will allocate his duties to other members of the "executive leadership team," it said. The company didn’t respond to questions about the circumstances of Mohan’s impending departure. Best Buy promoted then-Chief Merchandising Officer Mohan to president-COO when it tapped Chief Financial Officer Corie Barry to succeed Hubert Joly as CEO in June 2019.