Matt Bilunas
Chief Financial Officer & Enterprise Strategy at BBY
Executive
About Matt Bilunas
Matt Bilunas is Senior Executive Vice President, Chief Financial Officer & Enterprise Strategy at Best Buy, age 52, with 19 years at the company and CFO since 2019, overseeing global finance, enterprise strategy, and real estate . During his tenure, Best Buy’s five-year total shareholder return reached 122.43 vs 202.59 for the S&P 500 and 227.91 for the S&P 500 Consumer Discretionary Distribution & Retail Index . Revenues declined from FY2020 to FY2025 while EBITDA trended lower, reflecting a challenged consumer electronics cycle; see the “Performance & Track Record” table for detail (values from S&P Global). Best Buy’s FY2025 comparable sales were -2.3%, revenue $41.5B, operating income rate 3.0%, and diluted EPS $4.28 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Best Buy | Senior EVP, CFO & Enterprise Strategy | 2019–present | Leads global finance and enterprise strategy; responsible for audit, procurement, financial services, and real estate . |
| Best Buy | SVP, Enterprise & Merchandise Finance | 2017–2019 | Drove financial planning across enterprise and merchandising; supported strategy execution . |
| Best Buy | VP, Finance (Category, e-commerce, marketing) | 2015–2017 | Integrated finance support for category management, online, and marketing investments . |
| Best Buy | VP, Category Finance | 2014–2015 | Led category-level financial analysis and optimization . |
| Best Buy | Territory Finance Director, Los Angeles; roles in domestic/international finance | 2006 onward | Field and corporate finance leadership across U.S. and Canada . |
| Prior: Carlson Inc., NRG Energy Inc., Bandag Inc., KPMG | Various finance roles | Pre-2006 | Broad financial leadership and audit experience across corporates and professional services . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Genesco, Inc. | Director | 2023–present | Current public company board service noted in executive officer profile . |
Fixed Compensation
| Fiscal Year | Base Salary ($) | All Other Compensation ($) | Notes |
|---|---|---|---|
| 2025 | 928,269 | 93,223 | Summary Compensation Table. |
| 2024 | 912,596 | 77,309 | Summary Compensation Table. |
| 2023 | 855,000 | 43,399 | Summary Compensation Table. |
- Executive benefits include annual executive physical exam, supplemental long-term disability insurance, tax planning/preparation services; private jet use requires CEO authorization and personal reimbursement for any personal travel .
Performance Compensation
Short-Term Incentive (STI) – FY2025
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Compensable Enterprise Operating Income | 45% | Committee-approved goals | 2025 plan paid at 83.34% of target | Included in STI payment below. |
| Compensable Enterprise Revenue | 45% | Committee-approved goals | 2025 plan paid at 83.34% of target | Included in STI payment below. |
| Shared Success (Belonging, Social Impact, Sustainability) | 10% | Qualitative goals | Committee-scored | Included in STI payment below. |
| Name | Annual Base ($) | Target % | Target Value ($) | STI Score | FY2025 STI Payment ($) |
|---|---|---|---|---|---|
| Matt Bilunas | 929,167 | 150% | 1,393,750 | 0.8334 | 1,161,551 |
Long-Term Incentive (LTI) – Design and FY2025 Grants
- Mix: 50% performance share awards (PSUs) on 3-year relative TSR vs S&P 500; 50% time-based restricted shares vesting one-third annually over three years .
- TSR goals: <30th percentile = 0%; 30th = 50%; 50th = 100%; ≥70th = 150%; linear interpolation between points .
| Award Type | Grant Date | Target Shares (#) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Performance Shares (PSUs) | 03/20/2024 | 19,882 | 1,675,059 | Earn out on 3-year relative TSR; settle after performance period . |
| Time-Based Restricted Shares | 03/20/2024 | 21,314 | 1,675,067 | 1/3 on each anniversary of grant date . |
- FY2025 LTI target value for Bilunas increased to $3,350,000 (from $3,000,000 FY2024) per market adjustments .
Stock Options and Vested Shares – FY2025 Activity
| Event | Date | Shares (#) | Details |
|---|---|---|---|
| Option Exercises | 12/11/2024 | 49,050 and 20,116 | Exercised at $69.11 and $51.65 under Rule 10b5-1; market price $87.459 and $87.4459 . |
| Options Value Realized | FY2025 | 69,166 | $1,620,089 value realized . |
| Stock Awards Vested | FY2025 | 17,671 | $1,389,061 value; comprised of 6,394 (2021 grant), 4,561 (2022), 6,716 (2023) vesting on 03/20/2024 . |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (03/31/2025) | 10,279 shares; less than 1% of outstanding . |
| Ownership Guidelines | 3x annual salary; counts RS (net of taxes) and equivalent shares; excludes PSUs and options . |
| Ownership Status (FY2025) | Target: 32,669 shares; Ownership per guidelines: 77,707 shares; in compliance . |
| Unvested Time-Based Restricted Shares | 22,258 shares; $1,616,821 market value at $85.86 close on 01/31/2025 . |
| Unearned PSUs (Outstanding) | 31,145 target; $2,674,067 payout value reference at $85.86 close on 01/31/2025 . |
| Hedging/Pledging | Prohibited for executives and directors (no margin accounts, no pledging; anti-hedging) . |
Employment Terms
| Provision | Terms |
|---|---|
| Severance Plan (non-CEO NEOs) | Cash severance equal to 2 years salary; payments equal to 150% of cost of 23 months medical/dental/vision; 150% of 17 months basic life premiums; $25,000 in lieu of outplacement and tax/financial assistance . |
| Potential Severance (FY2025) | Bilunas: $1,974,165 under severance plan (involuntary termination) . |
| Change-of-Control – PSUs | Deemed earned at greater of achieved or target as of CoC date; issuance subject to continued employment through end of performance period; pro-rata upon termination following CoC . |
| Restricted Shares/RSUs | Full vest upon death/disability; continue normal vesting upon qualified retirement; forfeiture otherwise; no CoC acceleration . |
| Stock Options (historic awards) | Various treatments (e.g., 100% vest upon termination within 12 months of CoC for pre-fiscal 2015 awards; none currently unvested for NEOs) . |
| Restrictive Covenants | Confidentiality and non-solicitation; non-compete removed for awards granted after July 1, 2023 . |
| Clawback | Company policy for misconduct, Code of Ethics breach, and recoupment upon accounting restatement; Dodd-Frank/NYSE Rule 303A.14-compliant standalone clawback in place . |
| Option Repricing | Prohibited without shareholder approval . |
Performance & Track Record
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenues ($) | 43,638,000,000* | 47,262,000,000* | 51,761,000,000* | 46,298,000,000* | 43,452,000,000* | 41,528,000,000* |
| EBITDA ($) | 2,865,000,000* | 3,507,000,000* | 3,879,000,000* | 2,860,000,000* | 2,650,000,000* | 2,600,000,000* |
| Operating Income ($) | 2,053,000,000* | 2,668,000,000* | 3,010,000,000* | 1,942,000,000* | 1,727,000,000* | 1,734,000,000* |
| Net Income ($) | 1,541,000,000* | 1,798,000,000* | 2,454,000,000* | 1,419,000,000* | 1,241,000,000* | 927,000,000* |
Values retrieved from S&P Global.
Context: FY2025 revenue $41.5B, operating income rate 3.0%, diluted EPS $4.28 .
- Revenue trend and margins reflect a challenged cycle with comparable sales -2.3% FY2025; gross profit rate up to 22.6% on stronger services/memberships; operating income rate down vs prior years with Best Buy Health goodwill impairment .
- Five-year TSR level for Best Buy: 122.43; S&P 500 202.59; S&P 500 Consumer Discretionary Distribution & Retail 227.91 .
Additional Governance and Peer Benchmarking
- Compensation peer group (FY2025): Amazon, Home Depot, Nordstrom, CarMax, Kohl’s, Target, CDW, Lowe’s, Walmart, CVS Health, Macy’s, Walgreens Boots Alliance, eBay, Nike .
- Say-on-Pay: 91.8% votes in favor in 2024 and 91–95% favorable range over last six years .
- Compensation philosophy: pay-for-performance, caps on incentive awards, clawbacks, no option repricing, independent Compensation Committee .
Insider Transactions & Selling Pressure
| Date | Action | Shares | Price | Note |
|---|---|---|---|---|
| 12/11/2024 | Option exercises and sales | 69,166 | ~$87.43–$87.91 | Exercised at $51.65 and $69.11; Rule 10b5-1 trading plan . |
| 03/21/2025 | Sale | 60,482 | ~$73.96 | Form 4 filed; post-trade direct holdings reported; see SEC Form 4 XML . |
| 04/17/2024 | Sale | 111 | $75.76 | Form 4 filed . |
| 12/11/2024 | Option exercise + sale | noted above | see above | Detailed in proxy ; corroborated in Form 4 . |
- Trading policy: Executives prohibited from pledging/hedging; many sales conducted under Rule 10b5-1 plans .
Compensation Structure Analysis
- Increased target LTI value for Bilunas in FY2025 ($3.35M vs $3.0M FY2024) aligns with market adjustments; mix shifts fully toward RS and PSUs (no new stock options) which reduces risk vs options but increases retention linkage via time-based vesting .
- STI concentrated on operating income and revenue (45%/45%), with qualitative “Shared Success” 10%; FY2025 payout at 83.34% of target signals alignment with tempered financial goals amid sector headwinds .
- No option repricing; clawback policies broadened (Dodd-Frank-compliant), mitigating excess risk-taking .
Investment Implications
- Alignment: Bilunas meets/exceeds 3x salary ownership guideline (77,707 vs 32,669 target), maintains unvested RS and PSUs; anti-hedging/pledging policy reduces misalignment risk .
- Retention risk: Significant unvested RS and long-dated PSUs with relative TSR criteria and staggered vesting provide retention hooks; severance of ~$1.97M suggests moderate cost in involuntary exit .
- Trading signals: Regular 10b5-1 sales and FY2025 option exercises reflect scheduled diversification; monitor vest dates and performance period ends for PSUs as potential incremental flow but note proxy indicates PS awards within 60 days were not expected to attain threshold as of 03/31/2025 .
- Execution/Value creation: FY2025 improved gross margins on services/memberships but lower revenue/earnings amid consumer softness; TSR underperformed broad indices over five years, increasing pressure on delivering FY2026 initiatives (Marketplace, Best Buy Ads) while maintaining operational efficiency .