Wednesday, March 27, 2013
Media comments range from cautiously skeptical to downright hostile.
In the short time since Richfield-based Best Buy's Monday announcement about the return of founder Richard Schulze as 'Chairman Emeritus', online observers has been abuzz with analysis and speculation. Here is a sampling. The Star Tribune told the tale of an unlikely boardroom bromance budding: What began as a tense standoff between Best Buy and its founder gradually evolved into an unlikely alliance between two men with enormous sway over the future of Best Buy: [Hubert] Joly as CEO and Schulze playing the role of both outside agitator and the company’s de facto spiritual leader. In a separate story, the Star Tribune questioned how well the founder fits his new job description: Show up smiling at company functions. Give advice when the …
Wednesday, February 20, 2013
The company may be gaining some momentum.
Follow Richfield Patch on Twitter | Like us on Facebook | Sign up for our daily newsletter It's been nearly a year since it all started to unravel for Best Buy. From CEO scandals and downed sales, to excessive excecutive turnover and risky store remodels, the company has been in a constant state of change. Remember when former CEO Brian Dunn resigned? But now, it seems as if things are changing for the better. In the past two months, Best Buy's stock has risen 40 percent, giving analysts, investors and employees a breath of optimism. According to the Star Tribune, Best Buy generated sales that were stronger than anticipated as shoppers purchased more flat-screen televisions and other major appliances. The performance impressed …
Wednesday, October 24, 2012
The company hopes the restructuring will result in a leaner structure and strengthen the company's agility.
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 …
Wednesday, October 10, 2012
Jim Muehlbauer is leaving the company at the end of the 2013 fiscal year.
After hiring a new CEO in August, Richfield-based Best Buy is now in the market for a new chief financial officer. Jim Muehlbauer, the company's current vice president and CFO, is leaving the company following the end of the 2013 fiscal year. Muehlbauer joined Best Buy in 2002, according to a company press release. "Jim is leaving Best Buy after more than a decade with the company," CEO and President Hubert Joly said in the release. "We thank him for his many contributions and, of course, wish him well in the future. I have no doubt that whoever we chose to succeed Jim will have his high degree of integrity and passion for our business." "I've appreciated the opportunity to have served this organization over the past 10 years," Muelbauer …
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 …
Tuesday, August 21, 2012
Hubert Joly is at the center of continued speculation regarding the retailer's future.
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 …