Best Buy names Hubert Joly as new CEO - WSJ

Mon Aug 20, 2012 12:59am EDT

Aug 20 (Reuters) - Struggling retailer Best Buy Co, which is engaged in a takeover battle with founder Richard Schulze, has chosen a new chief executive to lead the company, the Wall Street Journal reported on Monday.

The company has chosen Hubert Joly, former CEO of privately held hospitality and travel company Carlson, to replace Best Buy's interim chief executive, Mike Mikan, the Journal said.

Carlson declined to comment on the story.

Best Buy officials were not available for comment outside regular business hours.

Richard Schulze, the 71-year-old former chairman of Best Buy, said in a letter to the board earlier this month that he was interested in teaming up with private equity partners to buy the company for $24 to $26 per share.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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