Best Buy Co. Inc. (NYSE: NYSE:BBY) announced that J. Patrick Doyle, the current Chair of the Board, will resign from his position effective June 12, 2024, coinciding with the end of his term at the company's Regular Meeting of Shareholders.
This move is in line with the company's Corporate Governance Principles, which mandate that a non-executive director submit a resignation letter at the end of their term, which is five years after they have stopped pursuing their primary career. Doyle, who has been part of Best Buy's board since October 2014 and served as Board Chair since June 2020, stated that his decision to leave was not due to any disagreements with the company or its board.
The Board has named David W. Kenny as the new Board Chair to take over upon Doyle's departure. Kenny, a board member since September 2013, currently chairs the Compensation and Human Resources Committee and is part of the Nominating, Corporate Governance and Public Policy Committee. In addition, David C. Kimbell will assume the role of Chair of the Compensation and Human Resources Committee following Doyle's resignation and Kenny's appointment as Board Chair.
Furthermore, Eugene A. Woods, who has served as a director since December 2018, also notified the Board that he would not be standing for re-election, citing increased time commitments as the reason. His decision, like Doyle's, was not based on any disagreements with Best Buy or its Board.
In a separate but related development, Best Buy adopted a new policy on the same day regarding executive severance agreements. The new Policy Regarding Shareholder Ratification of Executive Officer Cash Severance Agreements requires the company to seek shareholder approval for any new employment or severance agreements with executive officers that provide for cash severance benefits exceeding 2.99 times the sum of the officer's base salary plus short-term incentive target.
The information in this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.