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Best Buy May Have Already Found Its New CEO

Stocks in this article: BBY AMZN

Part of Fortune's 2010 40 Under 40 top executives list, Gillett is the type of fresh talent Best Buy desperately needs.

He's a Silicon Valley guy. He sits on the Board at Symantec (SYMC). Along with the likes of Pandora (P) founder Tim Westergren and LinkedIn (LNKD) founder Reid Hoffman, Gillett is an 2010 Aspen Institute Henry Crown Fellow. And Starbucks President and CEO Howard Schultz speaks highly of him at several points in his book about that company's extraordinary turnaround.

They already made the right move bringing him on as a president, but the BBY Board would be close to crazy if it overlooks Gillett for the CEO gig. All the search committee needs to do is take a look at what another former Starbucks executive, Christine Day, has done at Lululemon (LULU).

Best Buy can no longer think like an electronics retailer. Downsizing and remodeling stores does not represent the type of change the company requires. To survive, Best Buy must undergo a massive and wholesale transformation. In two years, Best Buy should be unrecognizable to itself. And that will be a good thing.

Simply put, the company cannot achieve such a drastic metamorphosis by taking the "safe" route and naming a stodgy 58-year old life-long retail executive as CEO. I think the company's board understands this and will act accordingly. It already paid the price when it named a BBY lifer as CEO.

I would be surprised if Stephen Gillett does not get the Best Buy CEO job. I would be shocked if Best Buy doesn't hire a person with a similar set of tech-oriented skins on the wall.

At the time of publication, the author held no positions in any of the stocks mentioned in this article.

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