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 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.

Next Up

fire pixabay stock

1 dead, 1 escapes western Wisconsin house fire

The single-story home was fully engulfed in flames when first responders arrived early Wednesday morning.

Wind storms tree

Rare 'particularly dangerous situation' weather watch issued in SW MN

The warning covers an area of Minnesota, South Dakota, Iowa, and Nebraska.

fire, firefighter

Dad and 2 children killed in western Wisconsin house fire

A devastating house fire happened early Thursday morning.

Screen Shot 2020-08-14 at 6.45.53 PM

2 suspects involved in Brooklyn Park armed carjacking

The incident happened Wednesday night near a shopping center and Cub.

Alexander Odegaard

Man sentenced to more than 10 years in prison for child pornography

Alexander John Odegaard was sentenced in U.S. District Court Tuesday.

Screen Shot 2022-05-12 at 12.15.21 PM

Victim in I-90 crash was storm-chasing meteorologist from Mexico

Martha Llanos Rodriguez died in the wreck on I-90.

Minnesota State Fair - main gate day 2021

Tickets still available for Minnesota State Fair preview event

The five-day Minnesota State Fair taster event, featuring over 30 food and drink vendors, is making its return at the end of the month.

Screen Shot 2022-05-12 at 11.47.44 AM

Woman critical after boyfriend stabs her in neck at light rail station

The boyfriend of the victim is said to have stabbed her, according to St. Paul Police.

Female wolf illegally killed by poachers within Voyageurs Wolf Project.

Female wolf illegally killed in Voyageurs National Park

Researchers for the project said this is the fourth collared wolf that has been illegally killed in the past two years by poachers.

116 E 22nd Ext

Gallery: Beautiful English-style home showcases grandeur of an earlier era

Located across Washburn Park and the Minneapolis Institute of Art

covid

Minnesota's COVID-19 update for Thursday, May 12

Eleven new deaths reported in today's update.

Image from iOS

Storm fells tree in Coon Rapids, splitting house in two

The family was reportedly in the basement at the time.

Related

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.