Best Buy Names Turnaround Specialist Hubert Joly CEO
The former Vivendi executive sees growth opportunities for the consumer electronics and entertainment retailer online and offline.
DVD, music, video game and consumer electronics retailer Best Buy said Monday that it has named French turnaround specialist Hubert Joly president and CEO.
He will replace interim CEO Mike Mikan in early September when his visa is secured.
Joly has focused on turning around businesses in the media/entertainment, technology and services sectors.
In the media/entertainment space, he led the restructuring of Vivendi’s video games operation, which is now part of Activision Blizzard), from 1999 until 2001. He also worked on the integration of Vivendi and Universal in the U.S. and then was part of a team that oversaw the restructuring of Vivendi in the period of 2002 to 2004.
“Hubert’s range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies," said Best Buy chairman Hatim Tyabji.
Said Joly: "Best Buy has extraordinary assets - including its 167,000 employees, its huge customer base, its distribution and service capabilities, its well recognized brands, and its history of innovation."
He also cited the company's growth opportunities, "both online and offline," which he said he hopes to realize "through a combination of competitive prices, superior service, new growth
engines and innovations."
Best Buy's CinemaNow service offers films and TV shows online in streaming and download form.