Brad Anderson (executive)

Bradbury "Brad" Anderson (born 1949) is the former CEO and Vice Chairman of consumer electronics retailer Best Buy. In fiscal 2006, he earned a salary of $1,164,283 and a bonus of $2,692,250. His annual compensation for fiscal year 2007 was $5.6 million, including $1,172,995 in salary, plus $2,650,969 in incentive-plan compensation.[1] In 2008, Anderson earned $49.3 million in total compensation, $1,172,995 in salary, $1,994,092 in incentive-plan compensation, stock awards of $413,635 and no option awards, and $46.08 million in value from exercising 1.05 million stock options.[2]

Born and raised in Sheridan, Wyoming, Anderson received an Associate of Arts from Waldorf College and a bachelor's degree from the University of Denver. In 1973, Anderson joined Sound of Music, a small chain of stereo stores that were the precursor to Best Buy, as a commissioned salesman; it took him two weeks to make his first sale.[3]

Best Buy-founder Richard Schulze named him vice president in 1981, where Anderson operated as the founder's right-hand man.

In the subsequent years, Schulze and Anderson turned the chain from a commission-driven store to a discount store, warehouse-style format.[4]

In 1986, Anderson was promoted to executive vice president and was elected to Best Buy’s Board of Directors. In April 1991, he was promoted to president and chief operating officer, vice chairman in 2001, and in June 2002, he assumed the position of chief executive officer. In June 2009, he was succeeded by Brian J. Dunn who was serving as president and chief operating officer.[5]

Anderson serves on the Waldorf College Board of Regents and the General Mills board of directors.

References

  1. ↑ Carissa Wyant and Tom Smith, Best Buy's CEO paid $5.6 million, Minneapolis / St. Paul Business Journal, May 16, 2007
  2. ↑ Carissa Wyant, Best Buy CEO salary flat year-over-year, Minneapolis / St. Paul Business Journal, April 14, 2008.
  3. ↑ Matthew Boyle, Best Buy's giant gamble, Fortune Magazine, March 29, 2006.
  4. ↑ Matthew Boyle, Q&A with Best Buy CEO Brad Anderson, Fortune Magazine, April 18, 2007.
  5. ↑ Christine Persaud, Best Buy CEO to Retire; Brian Dunn Named Successor, Marketnews, January 21, 2009


Business positions
Preceded by
Richard M. Schulze		 Best Buy CEO
2002–2009 		Succeeded by
Brian J. Dunn


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