Troubled retailer, Best Buy has revealed in a filing with the Securities and Exchange Commission that it will pay a base salary of $1.175 million to its incoming Chief Operating Officer Hubert Joly.

The new CEO of the company will also receive cash and stock worth $16.25 million as compensation for forfeitures that happened in travel company Carlson Wagonlit because of his resignation. He will also receive stock grant worth $3.75 million that are subject to the movements in the shares of the company.

The company said in the filing that Joly will be eligible for a bonus that is four times his salary and a compensation of at least $8.75 million. The new CEO will be under pressure to revive the company and bring in some optimism as its shares are trading at a level, which is lowest in about nine years.

Founder and former chairman Richard Schulze is aiming to buy the company's outstanding shares under a deal that would value the retailer at more than $8 billion. However, the negotiations have appeared to have reached s stalemate.

Schulze had to step down as chairman of the company he along with former CEO Brian Dunn were found to be involved in an inappropriate relationship with a female coworker.