Best Buy has named Hubert Joly as the new CEO of the company. Joly arrives at a time where Best Buy is seeing a decline in sales and is managing a potential take-over bid from founder Richard Schulze. Joly was previously the CEO of restaurant and hospitality company Carlson.
Carlson properties including Radisson hotels and T.G.I. Friday’s restaurants. At Carlson, CFO Trudy Rautio will now become the chief executive officer. France-based Joly will take over as president and CEO of Best Buy in early September once he gets a visa.
He will succeed the position from G. Mike Mikan, a board member that was the interim CEO since April. Mikan will continue to serve on the board if directors and will work as chairman of the audit committee. Schulze is the largest shareholder in Best Buy with 20%.
About 2 weeks ago Schulze proposed to buy out the company for between $24 and $26 after talking with private equity companies and financial advisor Credit Suisse Group. Joly is known for being able to turnaround companies by restructuring them. For example, he has helped turned around Vivendi’s video game business and turnaround EDS.