Editor’s Note: The following article includes information taken from a Best Buy news release.
This morning Best Buy announced that its board of directors has appointed Hubert Joly, former chief executive of Minnetonka’s Carlson Companies, as its new CEO.
Joly will take over as president and CEO of the embattled Richfield-based retailer, replacing board member George “Mike” Mikan, who had been in the position left the company in April.
“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” Best Buy Chair Hatim Tyabji said in a statement.
“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,” Tyabji said.
Joly is expected to take over as CEO in early September. Mikan will continue to serve on the Best Buy board, where he is chairman of the audit committee.