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.
Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come 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.
Best Buy CEO Hubert Joly will not be outlining his turnaround strategy with investors on Thursday in New York, Reuters reports. The Richfield-based consumer electronics retailer has canceled the meeting with Wall Street analysts while the East Coast recovers from Hurricane Sandy. A new date for the meeting has not been set.
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.
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.