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Joly Named Best Buy Chairman

MINNEAPOLIS – Best Buy president and CEO Hubert Joly will receive the additional title of chairman on June 9.

That’s when current chairman Hatim Tyabji will retire from the company’s board, the retailer announced.

Tyabji has been a board member since 1998 and has served as chairman for the past three years – arguably the most tumultuous period for the No. 1 CE chain.

Indeed, Tyabji succeeded Best Buy founder/chairman Dick Schulze upon his ouster following a scandal involving former CEO Brian Dunn. Tyabji also brought Joly on board, and helped him deflect a takeover attempt by Schulze and his top lieutenants.

One of those lieutenants, former president/COO and co-vice chairman Allen Lenzmeier, also announced his retirement from the board in June. Lenzmeier, along with onetime CEO and vice chairman Brad Anderson, had reclaimed their director seats in 2013 as part of a reconciliation with Schulze following the failed buyout effort.

“Hatim is an admirable leader who possesses a remarkable combination of wisdom, intellect, tenacity and heart,” Joly said. “His advice has been crucial as we worked to stabilize and grow Best Buy, and our resurgence is in no small measure the result of his dedication to this company. I am honored to succeed him as board chair and thank my colleagues on the board for the confidence they have placed in me. I will do all that I can to live up to this honor as we continue to build an exciting, successful Best Buy that delivers growth for all stakeholders.”

In turn, Tyabji thanked Lenzmeier and another retiring director, Sanjay Khosla, “for their service and unwavering commitment to Best Buy and our customers, shareholders and employees. I am grateful for their service and wish them only the very best.”