Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On February 28, 2021, the Board of Directors (the "Board") of Best Buy Co.,
Inc. ("Best Buy" or the "registrant") elected Steven E. Rendle as a director,
effective March 18, 2021. Mr. Rendle is the Chairman, President and Chief
Executive Officer of VF Corporation, one of the world's largest apparel,
footwear and accessories companies with a family of iconic outdoor, active and
workwear brands including Vans®, The North Face®, Timberland® and Dickies®, with
$10.5 billion in annual revenues in 2020. Mr. Rendle brings to the Board over
twenty years of expertise in transformational leadership, branding,
multi-dimensional supply chain and customer activation.
Mr. Rendle will be appointed to serve on a Board committee at a later date.
Committee assignment(s), once determined, will be disclosed by the registrant in
a Current Report on Form 8-K.
Mr. Rendle will be compensated in accordance with the registrant's standard
compensation policies and practices for the Board, the components of which were
disclosed in the registrant's Proxy Statement for its 2020 Regular Meeting of
Shareholders filed with the Securities and Exchange Commission on April 29,
2020, in the section titled "Director Compensation".
There are no transactions or relationships between the registrant and Mr. Rendle
that are reportable under Item 404(a) of Regulation S-K.
Mr. Rendle is expected to stand for election to the registrant's Board at
the 2021 Regular Meeting of Shareholders.
Item 7.01 Regulation FD Disclosure.
On March 2, 2021, Best Buy issued a news release announcing the appointment of
Mr. Rendle to the Board as described above under Item 5.02. A copy of the news
release is furnished as Exhibit 99.1 and incorporated herein by reference.
Best Buy's Annual Report to Shareholders and its reports on Forms 10-K,
10-Q and 8-K and other publicly available information should be consulted for
other important information about the registrant.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following are furnished as Exhibits to this Current Report on Form 8-K.
Exhibit No. Description of Exhibit
99.1 News release issued March 2, 2021. Any internet address provided
in this release is for information purposes only and is not intended
to be a hyperlink. Accordingly, no information at any internet
address is included herein.
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document).
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