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October 21, 2014

Best Buy’s new boss starts retail gig

Hubert Joly, Best Buy’s new new president and CEO, officially joined the troubled Richfield-based consumer electronics giant on Tuesday, the Star Tribune reports. Joly, a native of France, is the first chief executive officer at Best Buy recruited from outside of the company. He most recently led the Minnetonka-based hospitality and travel company Carlson.

Joly will begin his new role at Best Buy on the sales floor of several stores in the Twin Cities metro. He tells Reuters, “I want to not learn our businesses from the headquarters. I want to learn from the front line.”

Best Buy has struggled to grow its sales — posting declines in eight of the last nine quarters. Last month, the big-box chain reported its second-quarter net income fell 90 percent.

Largest stockholder Richard Schulze is also trying to take the company he founded private. Last week, Best Buy agreed to give Schulze permission to review financial data and present a fully-financed buyout proposal.