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Hoping to revive its flagging business, consumer electronics retailer Best Buy Co. Inc. (NYSE:BBY) has appointed Hubert Joly as its new CEO. Before accepting BBY’s offer, Joly was serving as CEO at hospitality and restaurant company Carlson.
Joly, who is a French national, is likely to take over the reins from September, once he secures his U.S. work visa. Until then, G. Mike Mikan, the current interim CEO, will continue to lead the company.
The company stated that Mikan will become a board member from September and will act as chairman of the audit committee from thereon.
Operating 1,400 stores, the Richfield, Minnesota-based company is struggling with its brick-and-mortar business model as more and more customers prefer to buy electronic good online.
Sources close to company’s situation have said that very soon the company will unveil its plans of further cost cutting. The plan would also include reducing stores’ floor space in excess of one million sq. feet while over 50 loss-making stores will be shuttered.
According to the company, Joly has an impeccable track record of turning-around companies from media, service and technology sectors.
In the past, Joly successfully restructured Vivendi SA’s videogames business; besides, he has also been credited for turning around EDS—which is now a unit of Hewlett-Packard Co. (NYSE:HPQ), in France.
