Best Buy's top layer of senior executives in U.S. operations is being eliminated.
The company announced its plans to reorganize its leadership structure in a Wednesday press release.
As a result, two more top execs are leaving the company: Mike Vitelli, the current president of Best Buy's U.S. business, will retire from the company at the end of the fiscal year in February 2013 and Tim Sheehan, executive vice president of U.S. Operations, will leave the company at the end of the month.
"One thing I have learned in helping turn companies around is that a business needs to have a nimble organization," Best Buy President and CEO Hubert Joly said in the release. "Our new organization will help build a closer connection to our customers and front line employees, as well as accelerate our transformation."
According to the Star Tribune, sources close to Best Buy said Joly wanted to speed up how the company makes decisions by eliminating what he views as unnecessary layers in the corporate hierarchy. Joly has replaced most of the company's top leaders, with the exception of Shari Ballard, head of international operations, and Carol Surface, who runs human resources.
Shawn Score, who helped launch Best Buy Mobile and ran Best Buy's connectivity business, will now run the U.S. retail division, while Jude Buckley will take over connectivity. Mike Mohan and George Sherman will also continue to run the Home and Services divisions, respectively.