This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs