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Best Buy Revamps Its Corporate Structure

2/12/2001 02:00:00 AM Eastern

EDEN PRAIRIE, MINN. -Best Buy has reconfigured its corporate structure to better manage its expanded operations and to set the stage for growth.

As part of the reorganization, the chain has created a new, centralized management tier called the Best Buy Enterprise, which is comprised of its Best Buy, Musicland, Magnolia and BestBuy.com divisions.

The new corporate umbrella, described by the company as "a multi-business unit and shared services structure," will be headed by chairman/CEO Dick Schulze, while president Brad Anderson will assume the additional role of chief operating officer for the Enterprise. The presidents of each of the business units will report directly to Anderson, who was also given the added title of vice chairman.

The combined businesses comprising the Best Buy Enterprise are expected to reach approximately $20 billion in annual revenue in fiscal 2002, the company said.

Among other changes on the organizational chart:

  • Allen Lenzmeier, executive VP and chief financial officer, was promoted to president of Best Buy retail stores and has been given a seat on the company's board of directors. In his newly created position, Lenzmeier will have responsibility for all Best Buy retail operations. He is succeeded as CFO by Darren Jackson, who recently joined the company as senior VP of finance and treasurer.

  • Wade Fenn, executive VP of marketing, was promoted to the new position of president of new business development and strategic alliances, reporting directly to Schulze. In his latest role, he will be responsible for developing new business initiatives within the company's in-home operations-including computers, ISPs, broadband and telecommunications-and entertainment area, comprised of CE, music and movies, gaming and digital imaging.

  • Phil Schoonover, senior VP of digital technology solutions, was promoted to executive VP of digital technology services. Reporting to Fenn, Schoonover will continue to oversee development and marketing of bundled consumer services, including broadband, ISPs, wireless products, digital cable and new digital service.

  • George Lopuch was promoted from senior to executive VP of strategic planning. Reporting directly to Schulze, he will be responsible for the Best Buy Enterprise's planning efforts, property development, real estate, customer relationship management and the Canadian expansion. Tami Kozikowski, formerly VP of real estate at Musicland, was named senior VP of real estate and property development. In her newly created post, she will be responsible for construction and development of all Best Buy Enterprise locations.

  • And Marc Gordon was promoted from senior to executive VP and chief information officer. In addition to his CIO duties, he will now have responsibility for the company's logistics and legal areas.

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