Skip to main content
Updated:
Original:

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."
Author:

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 has struggled to grow its sales -- posting declines in eight of the last nine quarters. Last month, the big-box chain reported its second-quarter net income fell 90 percent.

Largest stockholder Richard Schulze is also trying to take the company he founded private. Last week, Best Buy agreed to give Schulze permission to review financial data and present a fully-financed buyout proposal.

Next Up

Kirill Kaprizov

Wild win battle of NHL's hottest teams, extend winning streak to six

Kirill Kaprizov delivered a shootout winner to take down the Maple Leafs.

Eric Kendricks

Vikings downgrade Eric Kendricks to out against Lions

The Vikings have also activated Michael Pierce from injured reserve.

u.s. attorney

Minnesotan sentenced after assaulting man with baseball bat

Marshall Wayne Boshey was sentenced to 30 months in prison followed by two years of supervised release.

Target store

Target's gift card discount is back, but for this weekend only

The fine print: for Target Circle members only (but membership is free).

Screen Shot 2020-06-15 at 7.11.05 AM

Minneapolis teen arrested in St. Cloud after fleeing police in stolen vehicle

The vehicle was stolen in a car-jacking in Minneapolis Thursday.

snow, blowing snow

Winter storm warnings issued with heavy snow set to slam MN

Parts of northern Minnesota could see more than a foot of snow, but there won't be much in the Twin Cities.

D'Angelo Russell

With KAT out, Timberwolves can't upset Nets

D'Angelo Russell stepped up but couldn't overcome Brooklyn's firepower.

Everson Griffen Vikings dot com

Everson Griffen confirms he has bipolar disorder

"I’ve been running from it a long time. I’m not ashamed of it anymore.”

Angela Renee Jones, St. Cloud murder suspect

St. Cloud suspect now charged in two local murder cases

Both murders happened within a day of each other in June.

Related

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

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.

Best Buy CEO presents vision to analysts, investors in New York City

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.

Schulze to interview key Best Buy executives

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.

Report: Buyout bid for Best Buy could come as soon as next week

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.

Schulze commited to Best Buy takeover

More than a week after he went public with his bid to take the Richfield-based electronics giant private, co-founder Richard Schulze sent a letter to the Best Buy Board of Directors requesting permission to form a group and conduct basic due diligence so that he can present a fully financed offer for the company. Schulze wrote, "you should know that I am not going away."

Best Buy shifts 2,000 employees to sales floor

About 2,000 loss-prevention workers at Best Buy are being moved away from store entrances to help sell more merchandise, Bloomberg reports. A spokeswoman with the troubled Richfield-based big-box retailer says no one is being let go.

Best Buy second-quarter earnings plunge 90 percent

Richfield-based Best Buy says its second-quarter net income fell 90 percent as the big-box electronics chain logged restructuring charges and saw sales continue to decline. Best Buy also withdrew its earnings view for the year. The company says it earned $12 million, or 4 cents per share, in the quarter ended Aug. 4 -- compared with $128 million, or 34 cents per share.

Best Buy's new online leader touts plan to overhaul e-commerce business

Scott Durchslag is officially in charge of overseeing Best Buy's online and mobile business. Last week, he was hired as the senior vice president and president Online and Global e-Commerce at the Richfield-based company. The former Expedia executive tells Business Insider that BestBuy.com has to keep up with competitors, operate as seamlessly as possible and add layers of innovation in social realms.