Skip to main content

Best Buy's CEO insists he's not leaving for the world's second-largest retailer

Will a worldwide retail giant try to poach Best Buy's heralded CEO?

Carrefour is a retail giant. They're the second-largest retailer in the world (behind only Walmart), and one of the most prominent superstore chains out there.

And they might be eyeing Best Buy's CEO Hubert Joly for a big role.

This comes from a Friday Reuters report, which cites a Brazilian economics newspaper. The newspaper said Carrefour is in search of a new CEO, to replace the current exec who's slated to leave in spring of 2018. And the company, according to the report, has tabbed Joly as a favorite successor.

The rumor has picked up enough steam that Joly put out a statement today saying he's not interested.

"Let me be clear, I am fully committed to Best Buy’s continued transformation and have absolutely no plans to leave," the statement says.

Best Buy's stock took a huge hit when the Reuters came out, but things picked way back up once Joly made his public comments, CNA Finance said.

Joly's highly thought of

Joly joined Best Buy in 2012, at a time when the electronics retailer was struggling, and Forbes said they could have gone the way of Circuit City (meaning broke and gone).

But Joly streamlined operations and cut costs – which included a lot of people being fired – and Best Buy has turned into a success story publications rave about.

The Motley Fool called it "a turnaround for the ages." The Wall Street Journal said Best Buy has done something many others thought was impossible – "fought off an attack from" This Forbes contributor picked Best Buy as 2016's retailer of the year, and gave Joly huge credit for it.

"The strategy of CEO Hubert Joly, who has led the company since September 2012, to focus on technical service and solutions has been a key differentiator for this purveyor of high-tech consumer products from television to computers, appliances to accessories," the piece says.

There are questions about where Best Buy goes from here, though. This Bloomberg writer over the summer of 2016 wondered if top execs at the company shedding their investments while store sales went down was a coincidence – or a sign they might be leaving before things fall back to Earth.

Though there is a path forward, as two retail experts told GoMN last summer. It could include smaller stores, and more emphasis on Geek Squad-like services.

Best Buy employs about 8,000 people in Minnesota, and is one of the largest private companies in the state.

Next Up


Animal Humane Society plans trailblazing new campus

Take a look inside the plans for a first-of-its-kind adoption center and animal care campus.


Minnesota reports 'concerning level' of syphilis cases

The Minnesota Department of Health says most of the cases are being discovered in the northern part of the state.

Flickr - police lights squad siren - Edward Kimmel

Airport police intercept 5,600 fentanyl pills headed to St. Cloud

Three were arrested following a police raid in St. Cloud.


Minnesota switches to weekly COVID updates

The weekly updates will be provided on Thursdays.

Screen Shot 2022-06-29 at 12.22.08 PM

Man shot inside Oakdale movie theater expected to survive

The 23-year-old victim underwent surgery and is recovering at the hospital.


Minnesota confirms second case of monkeypox virus

More cases are expected in the coming days and weeks, the health department says.


Minnesota's COVID-19 update for Wednesday, June 29

One of the newly reported deaths was a person aged 15-19 from Yellow Medicine County.

Screen Shot 2022-06-29 at 10.19.37 AM

Drone drops bag of candy near kids fishing

A black SUV quickly left the area afterwards.

FLickr - AL Franken 2016 - Lorie Shaull

Al Franken to bring comedy tour to Minneapolis

Acme Comedy is hosting the former senator in late August.


Alabama replaces Toby Keith as headliner at MN music festival

The Lakefront Music Festival is set to take place in Prior Lake on July 8-9.


Flourishing, but smaller? A look at where Best Buy might be in 10 years

Given everything that's happened, we've asked two retail experts: Where will Best Buy be in 10 years' time?

Best Buy will pay $3.8M over charge it sold items – after they'd been recalled

Best Buy is paying $3.8 million to settle a charge that it sold about 600 items to customers – even after those items had been recalled.

Best Buy CEO: We'll rise despite upheaval

After a series of bombshells that have shaken the company, Best Buy's interim CEO is trying to reassure employees that the electronics retail giant will rebound and rise again. "This has undoubtedly been the most difficult period in Best Buy's history," G. Mike Mikan said in a video message to employees Tuesday, the Pioneer Press reports.

Best Buy is talking about its 2015 Thanksgiving and Black Friday plans too

What Best Buy has in store for 2015 Thanksgiving and Black Friday.

Video games have been good to Best Buy so far in 2017

Gee, were there any high-profile gaming releases in early 2017 ...?

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 goes right at Amazon Prime Day with its own big discounts

Amazon's Prime Day starts Monday and runs through Tuesday – but Best Buy has its own deals lined up.