In the midst of falling sales and clashes with founder Richard Schulze, Best Buy announced Monday that the company has chosen a new CEO, hospitality industry veteran Hubert Joly.
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Joly joins Best Buy from Carlson, the restaurant and hospitality giant behind T.G.I. Friday's and Radisson, the hotel chain. Joly, who is French, will takeover in September, once he has secured a visa to work in the U.S. Board member G. Mike Mikan has been serving as interim CEO since former CEO Brian Dunn stepped down in April.
According to The Associated Press, Best Buy said in a statement that Joly has a history of turning companies around.
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"Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy," chariman of Best Buy's board Hatim Tyabji said in a statement. "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."
Two weeks ago, Schulze announced a proposal to start buying back shares of best Buy for between $24 and $26. He currently owns a bit more than 20% of the Minnesota-based retailer.
Do you think Joly can turn around the fate of Best Buy? What should he do first as CEO? Let us know in the comments.
This story originally published on Mashable here.
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