Best Buy Co. on Monday said Chief Executive Hubert Joly also
will assume the role of chairman, as Hatim Tyabji is retiring from
the board, effective June 9.
Mr. Tyabji, a board member since 1998 and chairman since 2012,
said he has participated in a historic business transformation,
"led by my colleague and friend, Hubert Joly, that I count as one
of the highlights of my long career."
Mr. Joly joined the retailer in September 2012, when online
competitors offering cheaper prices were hurting the retailer's
sales. During Mr. Joly's tenure as CEO, Best Buy has invested
heavily in its website and has leaned on suppliers to help finance
improvements to its U.S. stores.
Best Buy did report a pickup in sales during the holiday quarter
and but has warned that weak demand for consumer electronics and
declining prices will weigh on sales this year.
The company on Monday also announced the retirement of directors
Sanjay Khosla and Allen U. Lenzmeier, effective June 9. With the
addition of four new board members in the past two years, both felt
this was an appropriate time to retire, Best Buy said in a
statement.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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