Minneapolis — The board of directors of Best Buy Co., Inc. has appointed Hubert Joly as the company’s president and chief executive officer and a member of its board of directors.
Minneapolis — The board of directors of Best Buy Co., Inc. has appointed Hubert Joly, a leading global CEO, 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,” says 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.”
“I am honored and excited to lead Best Buy,” Joly says. “I look forward to working with the company’s management team and employees to pursue what are exciting growth opportunities for Best Buy.”
Joly is expected to step into his role as president and CEO in early September when his visa is secured. Joly will succeed G. Mike Mikan, a member of the board of directors who has served as CEO (interim) since April. Mikan will continue to serve on the board, where he will take the position of chairman of the Audit Committee.
Mikan stepped in as CEO (interim) at a critical moment for Best Buy, stabilizing the company while making considerable progress on a comprehensive plan to return Best Buy to sustained, profitable growth. Under his leadership, Best Buy established relationships with Target, Verizon and AARP, signaling a new focus on services, in addition to the company’s traditional retail mission.
Over the last 15 years, Joly has developed a track record of successful turnarounds and growth in the media, technology and services sectors. In 2008, he became the CEO of Carlson, the worldwide hospitality and travel company headquartered in Minneapolis. Joly is a member of the board of directors of Ralph Lauren Corp.