Friday, August 24, 2012

Best Buy Taps French Turnaround Artist as CEO

Best Buy Taps French Turnaround Artist as CEO: Best Buy, the world’s largest consumer electronics chain crippled by the impact of Internet sales, has brought in Hubert Joly, a Frenchman and reputed turnaround artist in media, technology and services, to run the place starting early next month after he gets a visa.
He will replace interim CEO Mike Mikan, the board member who has been filling in since April when the company parted ways with Brian Dunn, who was having an affair with an underling.
Joly will get to deal with Best Buy founder Richard Schulze, who made a tentative offer to buy the company for $8.84 billion or $24-$26 a share a couple of weeks ago and wanted to do due diligence to get financing but refused the board’s accommodation over the weekend.
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