Hubert Joly named as new Best Buy CEO, founder Richard Schulze declines offers on diligence deal

By on Aug 20, 2012 in Business, United States Comments

Hubert Joly was named as the new Best Buy CEO, after he resigned as Carlson (formerly known as Carlson Companies); while Best Buy founder Richard Schulze, who resigned from the company last June, declined to participate in the company’s offers on diligence deal pertaining to his interest to buy the company.



Best Buy logo
Image Credit: BestBuy.com

As noted at Wall Street Journal on Monday, August 20, 2012, Hubert Joly, a French native, who will replace G. Mike Mikan, who served as interim CEO since April this year, is being expected to take over as the new Best Buy CEO and president in early September after securing a visa.

According to a press release by Carlson on its official website that day, whose brands include Radisson hotels, T.G.I. Friday‘s restaurants, Joly resigned from his position as company CEO and president, and he will be replaced by Trudy Rautio, who has been a senior executive with the company for 15 years.

“With Hubert Joly‘s leadership through some very difficult financial times, Carlson is on strong financial footing. Hubert was hired as Carlson‘s first non-family CEO and we are grateful for his contributions to our company.” Marilyn Carlson Nelson, Carlson‘s chair of the board, was quoted in the report.

Meanwhile, Best Buy, which have not yet release any official statement on Joly being its new CEO as of this writing, announced on Sunday on their official website that its Board of Directors offered a chance to founder Richard Schulze to conduct due diligence but he declined to participate.

“Included in the proposal was a routine and customary request that Mr. Schulze agree to certain protections for Best Buy and its shareholders, with the goal of limiting outside distractions, in return for access to non-public information and the ability to form an investor group.” A statement reads at pr.bby.com.

Related Post: Best Buy stores makeover under way, to cut 2,400 jobs in effort to save money



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