Best Buy Names New CEO
August 20, 2012 9:14 AM
Hubert Joly will start in September
Best Buy has announced the hiring of a new CEO to replace former CEO Brian Dunn. Dunn
resigned from his position as CEO in April of this year
, after concerns were raised about and "inappropriate relationship" he had with a 29-year-old employee. Dunn was then replaced by interim CEO G. Mike Mikan.
Best Buy has named Frenchman Hubert Joly as its new CEO. Joly previously served as the chief executive of hospitality company Carlson. Joly will start with Best Buy in September after obtaining a visa to work in the United States. The new CEO has experience in corporate turnarounds from days as an executive with Vivendi and Electronic Data Systems.
“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” Hatim Tyabji, Best Buy’s chairman, said in a statement. “Hubert’s range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies.”
Interim CEO Mikan will continue with Best Buy on the electronics retailer's board and will become the chairman of its audit committee. In a separate announcement, Best Buy announced that it had offered its
, Richard Schulze, access to confidential information intended to help him with a bid to take the
. Schulze is the company's largest single shareholder with 20.1% of the company.
“The primary purpose of the proposal was to assist the board in maximizing value for all Best Buy shareholders by creating an incentive for Mr. Schulze to offer his best proposal to the board of directors during these discussions and to minimize Mr. Schulze’s ability to disrupt the company going forward,” the company’s board said in a statement.
Schulze was reportedly unhappy with some of the terms and was negotiating for improved terms.
A statement issued by Schulze said, "We were in the process of negotiating an acceptable standstill period when, without notice to me or to any of my advisors, the board issued its announcement.”
He added, “I am shocked by this course of action but as the largest shareholder of Best Buy, I remain hopeful that the Board will engage in good faith discussions with us for the benefit of shareholders, employees and customers.”
New York Times
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