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New Best Buy CEO eyes purchase of electronics brands

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Best Buy's new CEO Hubert Joly told Bloomberg.com in an interview published Wednesday that he considering the purchase of consumer electronics brands as part of a "exclusive merchandise" strategy that would help turn the Richfield-based retailers financial woes around.

Bloomberg pointed out that such brands include Hitachi and JVC. Joly also reportedly plans on expanding Best Buy's private-label
Insignia and Rocketfish brands, but has no interest in acquiring manufacturing capabilities.

The executive is in New York this week to present his new vision for Best Buy to analysts and investors.

Joly, a former Carlson Companies executive, started with Best Buy in September.

The company also made another huge executive move Monday when it hired retired Williams-Sonoma CEO and CFO Sharon McCollam as Best Buy's chief financial officer.

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