Best Buy Announces Retirement of Board Chairman, Hatim Tyabji, Names Hubert Joly as Chairman & CEO
April 13 2015 - 4:05PM
Business Wire
Best Buy Co., Inc. (NYSE: BBY) announced today that Board
Chairman Hatim Tyabji is retiring from the Board effective June 9,
2015. Tyabji has been a Board member since 1998 and chairman of the
Best Buy Board of Directors since 2012.
Best Buy President and CEO, Hubert Joly, will succeed Tyabji and
take on the additional role of Board chairman. Russell P. Fradin,
President and CEO of SunGard and a Best Buy Board member since
April 2013, will serve as Lead Independent Director.
“My association with Best Buy has been more rewarding than words
can express,” Tyabji said. “I have had a front-row seat to one of
the most exciting business growth stories in recent times and, more
recently, have participated in what I believe will be considered a
historic business transformation. It is this transformation, led by
my colleague and friend, Hubert Joly that I count as one of the
highlights of my long career. Hubert and I have developed a
wonderful partnership, and I am delighted he will succeed me as
Board chairman.”
Tyabji continued: “I want to thank my colleagues on the Board –
past and present – and, just as importantly, the 125,000 men and
women of this great company. To have played even a small role in
Best Buy’s story has been a great honor; leaving this company is
more difficult than I could have anticipated. But, the time was
right. We have moved from turnaround to transformation. Hubert, the
Board and the executive team are prepared to take this company into
the future.”
“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.”
Fradin assumes the role of Lead Independent Director upon Joly’s
appointment as Board chairman on June 9, 2015. The Board believes
that Fradin, with his strong leadership background and demonstrated
skill in working with Joly and the other Board members as chair of
the Compensation Committee, is well-suited to represent the
independent interests of stakeholders and, along with the other
active and independent Board leaders, help Joly guide the Board
through the next stage of the company’s transformation.
The company also announced the retirement of directors Sanjay
Khosla and Allen U. Lenzmeier, effective June 9, 2015. Khosla
joined the Board in 2008 and brought key insights to the company’s
global strategy. Lenzmeier, a distinguished long-time executive in
the company, rejoined the Board in 2013. With the addition of four
new Board members in the past two years, both Khosla and Lenzmeier
felt this was an appropriate time.
“On behalf of the Board, let me thank Sanjay and Al for their
service and unwavering commitment to Best Buy and our customers,
shareholders and employees,” Tyabji said. “I am grateful for their
service and wish them only the very best.”
Best Buy Co., Inc.Media Contact:Amy von Walter,
612-437-5956Public RelationsAmy.vonwalter@bestbuy.comorInvestor
Contact:Mollie O’Brien, 612-291-7735Investor
RelationsMollie.obrien@bestbuy.com
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