The Minnesota-based retailer plans to match select online competitor prices this holiday season for its in-store products, CEO Greg Steinhafel announced Tuesday.

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'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.

Hubert Joly, the French-born businessman who was the first non-family member to run the Carlson Companies, is leaving to take the top job at Best Buy Co. During emergency meetings over the weekend, Carlson's board selected chief financial officer Trudy Rautio, a 15-year Carlson executive, to be the company's next president and chief executive officer.

Dunn is stepping down after being with the Richfield-based electronics retailer for nearly 30 years. Best Buy recently announced it was closing 50 stores and terminating 400 corporate jobs. Board member Mike Mikan will serve as interim CEO during the search for a permanent replacement.