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?
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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 Amazon.com" 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.

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