Tuesday, September 4, 2012
Hubert Joly was appointed to the position on Aug. 20.
Best Buy's new president and CEO, Hubert Joly, officially began his work Tuesday. Joly was hired after months of searching after Brian Dunn resigned in April. Dunn's personal conduct was being investigated at the time of his departure. He was found to have acted inappropriately with a 29-year-old staffer in May, however, the investigating commission didn't find any misuse of company funds. According to a Best Buy press release, Joly will spend his first week at the store level working as a "Blue Shirt" in several different Twin Cities area stores. "Best Buy is a company with an amazing history, enormous assets and great opportunities," Joly said in the release. "I am eager to start working with everybody at Best Buy to define and take the …
Monday, August 20, 2012
Hubert Joly's appointment comes after months of looking for a new company leader.
Follow Richfield Patch on Twitter | Like us on Facebook | Sign up for our daily newsletter Announcing that Hubert Joly would be taking over from interim CEO George “Mike” Mikan as Best Buy’s new CEO, the Richfield-based consumer electronics retailer on Monday touted the longtime Minnesota executive’s experience growing media, technology and service sector companies as the principal reason behind the hire. Joly, who since March 2008 had been CEO of Carlson, the global hospitality and travel company headquartered in Minnetonka, resigned from that company over the weekend. He is expected to begin at Best Buy in early September. Best Buy pointed out Joly’s successful history orchestrating corporate turnarounds. As an executive with …
Monday, July 9, 2012
The company announced Friday that it would cut more jobs as part of its turnaround efforts.
After announcing it would layoff more than 600 Geek Squad employees nationwide late last week, Best Buy confirmed 1,800 other store workers would also be cut. The announcement came Friday. According to Business Week, Best Buy spokesman Bruce Hight said the layoffs are part of the company's "ongoing turnaround plan." In March the company confirmed it would close 50 U.S. Stores after another quarter of downed profits and shortly after saw its CEO, Brian Dunn, resign admid a personal conduct investigation. Since March Best Buy has also vowed to trim corporate employees and cut $800 million in costs over the next three years. A handful of other high-level executives have also left the company, with Best Buy's founder, Dick Schulze, stepping …
Monday, June 11, 2012
Best Buy announces the first two of five Minnesota stores to close.
After announcing in April that it would close five stores in Minnesota, Best Buy announced the Edina and Brooklyn Center stores would be the first to close their doors on June 21. "This was not an easy decision to make," the company said in a press release. "[We] are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way." According to the Star Tribune, workers will be paid until Aug. 8 and are being considered for other jobs within the company. If those employees do not receive or take a new position at Best Buy, a severance package will be given. A total of 50 stores across the country are slated to close by fall. The other three Minnesota stores …
Thursday, May 24, 2012
Matthew Furman will report to interim CEO Mike Mikan beginning June 22.
After experiencing major shake-ups in its top tier of management the last couple months, Best Buy announced Thursday that Matthew Furman will join the company as senior vice president of the Communications and Public Affairs department. According to a company press release, Furman, 41, will oversee Best Buy's employee communications, public relations, executive communications, government affairs, corporate responsibility and community relations. Before coming to Best Buy, Furman was the vice president of Corporate Affairs for Mars Chocolate and a member of its management team. In addition, he was the former head of corporate communications for Google. Give the tough times the company is experiencing, Furman said in the release: "It's time …
Wednesday, May 23, 2012
The company releases its first quarter profit earnings for this fiscal year Tuesday.
Follow Richfield Patch on Twitter | Like us on Facebook | Sign up for our daily newsletter Once again Best Buy reported quarterly profits coming up short Tuesday, however, the company's earnings came in higher than what most analysts estimated. According to Bloomberg Business, revenue in the first quarter, which included an extra week, increased 2.1 percent to $11.61 billion, exceeding the $11.5 billion average of 19 analysts’ estimates. (If you exclude the extra week, revenue declined 4.3 percent.) While the company was 25 percent down, after accounting for restructuring costs, the company maintained its earnings outlook for fiscal 2013, according to an article on NASDAQ.com. In addition, Bloomberg reported that Best Buy lured …
Monday, May 21, 2012
The company has been looking for a new CEO since Brian Dunn resigned April 9, 2012.
The Best Buy Board of Directors Search Committee announced Spencer Stuart would conduct the search for a new company CEO Monday morning. According to a company press release, the firm will consider both internal and external candiates and was selected for "its global expertise and experience recruiting for retail and digital companies." Mike Mikan has been serving as interim CEO since Brian Dunn resigned in early April during a personal conduct investigation and shortly after the company released its fourth quarter numbers. The search committee was charged with finding the next company CEO in mid-April and is headed by Kathy J. Higgins Victor and other independent directors. Other articles on this topic: Sign up for the Richfield Patch …
Thursday, May 17, 2012
Brian Dunn resigned as CEO on April 9 amid a personal conduct investigation and shortly after the company announced it would be closing 50 stores.
Former Best Buy CEO Brian Dunn is set to receive a $6.6 million severance package. According to CBS Local, the payout includes a 2012 bonus of $1.1 million, stock grants of $2.5 million, a severance payment of $2.9 million and more than $100,000 for unused vacation. The amount is more than double the $3.2 million Bloomberg Business reported earlier this month. The severance announcement came shortly after Best Buy's audit committee released a three-report on its investigation into Dunn's alleged relationship with a female staffer. The committee determined that Dunn had acted inapproriately, however, there was no misuse of company money. The company's found Richard Schulze announced he would step down as chairman after the investigation …
Monday, May 14, 2012
Best Buy releases its investigation findings on former CEO's conduct and the company's founder will step down.
Best Buy founder Richard Schulze will step down as chairman after an investigation found that he failed to alert the board about allegations of now-former CEO, Brian Dunn, having an inappropriate relationship with a 29-year-old female staffer. According to Bloomberg Business, the committee charged with investigating Dunn's conduct found that he acted inappropriately, such as sending multiple e-mails and text messages to the woman, lending her money and giving her free tickets to concerts and sporting events. Dunn resigned April 9 in the midst of the investigation. “The growing awareness and speculation surrounding the friendship created friction and disruption in the workplace," the committee said. "And, according to her supervisor, …
Thursday, May 10, 2012
Best Buy must determine if Brian Dunn's resignation was voluntary or involuntary.
After resigning as Best Buy's CEO April 9, Brian Dunn may receive as much as $3.2 million in termnination payments, depending on whether his departure is deemed voluntary. According to Bloomberg Business, Dunn would be entitled to payment if it's decided that he left involuntarily. He could get nothing if deemed voluntary. The severance package would be made up of straight cash and stock awards. When Dunn's resignation was announced, the company stated his leave was a "mutal agreement." Dunn resigned shortly after the company announced a major decline in fourth-quarter earnings, plans to close 50 U.S. stores and downsize others. Hours after his resignation, allegations that he had an inappropriate relationship with a female staffer …
Caitlin Burgess
10:40 pm on Thursday, May 17, 2012
Um yeah. That's a lot of money, but it seems legit. In regards to the three year thing, I'm just wondering what job prospects look like for this guy. I mean, yes there are millions coming in now, but If he really did want to continue to work, is he an attractive candidate? more ›