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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV