Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 15

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 15
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 our 2024 Regular Meeting of Shareholders. In March 2025, the Board appointed Mr. Kenny to continue his service as Chair for fiscal 2026 subject to his re-election by shareholders at the Meeting. At this time, the Board believes that separating the Chair and CEO roles is in the best interest of the Company. The separation allows our CEO to focus on executing our strategy and managing our business, and our Chair is able to focus on Board governance and effectiveness while providing independent Board leadership. Additional leadership roles continue to be filled by other directors, all of whom are independent and play an active role in our strategic planning, risk oversight and governance. Under our Corporate Governance Principles, in circumstances where the Chair of the Board is not independent, the Board considers it to be useful and appropriate to designate a Lead Independent Director to coordinate the activities of the other independent directors and to perform such other duties and responsibilities as the Board may determine. Our Lead Independent

| 2025 Proxy Statement |     | 17 |

TABLE OF CONTENTS Corporate Governance at Best Buy _____________________________

Director is nominated by the Nominating Committee, and final selection is subject to ratification by the vote of a majority of the independent directors on the Board. The Lead Independent Director serves for an annual term beginning at the Board meeting following the first regular meeting of shareholders at which directors are elected. The Board leadership duties and responsibilities are outlined below and in our Corporate Governance Principles, which are also posted online at www.investors.bestbuy.com. Our Chair is responsible for:

| • | Setting the agenda for Board meetings (in partnership with the CEO) and presiding over and leading discussion at meetings of the full Board; |

| • | Presiding over the Company’s regular meeting of shareholders; |

| • | Presiding at executive sessions of independent directors, which take place at each regular Board meeting (when there is no independent Chair, the Lead Independent Director is responsible for this duty); |

| • | Setting the Board meeting calendar and leading oversight activities of the Board; |

| • | Overseeing the Company’s strategic planning process to create alignment with the Board and management and supporting execution of the strategy; |

| • | Assisting the Board with its oversight of the Company’s risks; |

| • | Speaking on behalf of the Company to both internal and external stakeholders, as appropriate; and |

| • | Serving as the Board’s liaison to management. |

In times when our Chair is not independent, our Lead Independent Director performs the following duties:

| • |