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Best Buy Proxy Recaps Tumultuous Year

Proxy statements have been sent to Best Buy shareholders, who, among other pieces of business, are being asked to vote in a new slate of directors, including Dick Schulze’s nominees Brad Anderson and Al Lenzmeier.

The board has endorsed the former senior officers as part of its rapprochement with Schulze, and they are expected to retain their two-month-old directors’ seats.

What’s more interesting though is chairman Hatim Tyabji’s letter to shareholders, a recap of the past 12 months that sounds more like a television drama than a corporate accounting. Tyabji also addresses such issues as showrooming and the board’s controversial payouts to ousted CEO Brian Dunn and other former executives.

It certainly was, as the chairman notes, a tumultuous ride, and one that would have brought a lesser company to its knees. But Best Buy is already making swift strides under current CEO Hubert Joly and his new management team, which may be reflected in the company’s first-quarter results on May 21.

Regardless, the saga is one for the books, and business school case studies for years to come. Meantime, check out the proxy statement and Tyabji’s letter here. It makes for compelling reading.