New York — The Anti-Defamation League’s National Consumer Technology Industry divisio
New York — Best Buy president/CEO Hubert Joly and two of his top lieutenants provided a frank assessment of the company’s shortfalls and an overview of its opportunities at his first formal meeting with the investment community here yesterday.
No detailed strategic game plan was presented at the event, which was intended instead to introduce the new management team to analysts and share its thinking about the company and the marketplace.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Minneapolis — Best Buy has appointed Williams-Sonoma veteran Sharon McCollam as chief administrative officer and chief financial officer, effective Dec. 12.
She succeeds Jim Muehlbauer, whose February departure date was announced last month. He will stay on through the end of the current fiscal year to assist in a smooth transition, Best Buy said.
McCollam, 50, left Williams-Sonoma earlier this year after serving in executive roles at the upscale home-furnishings chain for more than 12 years.
Minneapolis — Best Buy has pre-released its Black Friday circular.
Lead doorbuster items include a 40-inch Toshiba LCD (1080p, 60Hz) for $180; an 8GB Samsung Galaxy Tab 2 7.0 plus a $20 gift card, also for $180; and a 15.6-inch Samsung laptop with Intel Core i3 processor, 4GB memory, 500GB hard drive and bundled laptop sleeve, wireless mouse and 8GB flash drive, for $350.
Best Buy will begin handing out tickets for the limited-quantity items at 10 p.m. Thanksgiving evening, and will open its doors at midnight on Friday, Nov. 23.
Changes put in place by Best Buy CEO Hubert Joly and announced late yesterday were initially surprising, but upon reflection 24 hours later, not unexpected.
Joly came in as a turnaround specialist and he is doing what turnaround specialists usually do — make changes and cut costs.
He is fighting what has to be considered a multi-front war:
*maintain, if not grow, its sales during this holiday season, probably the most important in its history;
*make changes not only for the holiday season but for the future; and