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Best Buy warns sales will be down in Q3, pair of executives plan to exit

Best Buy has announced a new leadership organization for its U.S. operations, including the departure of Mike Vitelli, president of Best Buy's U.S. business, according to a news release. He who will retire in February. Executive Vice President of U.S. Operations Tim Sheehan will also leave the Richfield-based retailer at the end of October. Best Buy also gave a dismal preview of its third-quarter figures.
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Best Buy has announced a new leadership organization for its U.S. operations, including the departure of Mike Vitelli, president of Best Buy's U.S. business, according to a news release. He who will retire in February. Executive Vice President of U.S. Operations Tim Sheehan will also leave the Richfield-based retailer at the end of October.

The personal changes come about two weeks after Best Buy announced Chief Financial Officer James Muehlbauer was leaving the company.

CEO Hubert Joly took over as chief executive officer in early September. He's working to turn around the struggling consumer electronics giant.

Best Buy also gave a dismal preview of its third-quarter figures on Wednesday, predicting net come would be "significantly below" last year, the Associated Press reports.

The Star Tribune also reports Hubert Joly will discuss his strategies with investors on Nov. 1. That's just two weeks before Best Buy's largest shareholder Richard Schulze is expected to submit a proposal to take the company he founded private.

Schulze abruptly cut ties with Best Buy in June after an internal investigation found he withheld information from the board about former CEO Brian Dunn's inappropriate relationship with a female employee.

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