Best Buy says its seeking a new chief financial officer after James Muehlbauer announced he was leaving the company. Muehlbauer joined Best Buy in 2002, became interim CFO in 2007 and was given the permanent title last year.

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, 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."

Hubert Joly, the newly appointed CEO at the troubled Richfield-based electronics retailer will earn a base salary of $1.175 million in his first year, CNN Money reports. He will also receive a mix of cash and stock options worth $20 million, according to the Pioneer Press. Joly takes the reins of Best Buy next month.

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.

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.

Four board members will lead the global search for a new chief executive officer at the Richfield-based electronics retailer. Brian Dunn resigned from the leadership position amid an investigation into his personal conduct. Interim CEO Mike Mikan is considered a candidate to permanently replace Dunn. Best Buy expects the search process to take six to nine months.