Best Buy founder Richard Schulze will likely make an initial offer to take the company private next week, the Star Tribune reports. That's after CEO Hubert Joly is expected to present his strategy to investors in New York. Joly had to postpone the meeting with Wall Street analysts after the destruction of Hurricane Sandy.

Best Buy's new Chief Executive Officer Hubert Joly outlined his five-point strategy, called "Renew Blue," to turn around the Richfield-based consumer electronics chain before he met with Wall Street investors in New York Tuesday afternoon, the Business Journal reports.

Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

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 is holding its annual shareholders meeting Thursday. The beleaguered Richfield-based electronics giant has had plenty of boardroom drama over the past three months, including the abrupt departure of company founder and largest shareholder Richard Schulze. After months of uncertainty, investors are eager to learn what's next for the world's largest consumer electronics retailer.