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TheStreet Open House

Best Buy Appoints Hubert Joly Chief Executive Officer

Stocks in this article: BBY

Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors has appointed Hubert Joly, a leading global CEO with expertise in turnaround and growth across the media, technology and service sectors, as the company’s President and Chief Executive Officer and a member of its Board of Directors.

“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” said Hatim Tyabji, chairman of the Best Buy Board. “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.”

Joly said, “I am honored and excited to lead Best Buy. Best Buy has extraordinary assets -- including its 167,000 employees, its huge customer base, its distribution and service capabilities, its well-recognized brands, and its history of innovation. I look forward to working with the Company’s management team and employees to pursue what are exciting growth opportunities for Best Buy – both online and offline, through a combination of competitive prices, superior service, new growth engines and innovations, as we deliver to millions of customers the technology solutions that enable easy access to people, knowledge, ideas and fun.”

Kathleen J. Higgins Victor, a member of the Best Buy Board and chairwoman of the CEO search committee, said: “Hubert is a strategic thinker with deep financial acumen and global experience leading large, international employee groups. Best Buy is a great company with great people, and I have every confidence that Hubert is the right person to expand Best Buy’s leading position in the marketplace.”

Mr. Joly is expected to step into his role as President and Chief Executive Officer in early September when his visa is secured. Mr. Joly will succeed G. Mike Mikan, a member of the Board of Directors who has served as CEO (interim) since April. Mr. Mikan will continue to be the interim CEO until Mr. Joly’s start date. Following that, Mr. Mikan will continue to serve on the Board, where he will take the position of chairman of the Audit Committee.

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