A big change revealed Monday about Best Buy may be a telling sign about the future direction of the Richfield-based electronics retailer, Minneapolis-St. Paul Business Journal reports.
A U.S. Securities and Exchange Commission filing Monday indicated G. Mike Mikan -- the company's former interim Chief Executive Officer and member of the board of directors since 2008 -- had resigned from the company Dec. 26; and another board director Matthew Paull, is leaving in April.
Analysts tell the Star Tribune that the resignations will smooth negotiations with Best Buy founder Richard Schulze as he prepares to make an offer to take the company private. Schulze reportedly had a contentious relationship with Mikan, Paull and current board chairman Hatim Tyabji, who pushed for him to be removed from the board last spring.
Mikan -- who was interim CEO from April to September when the company hired Hubert Joly as its permanent CEO -- said he was leaving Best Buy to accept the position of president with Greenwich, Conn.-based ESL investments Inc.