Best Buy CEO says he’s not leaving

Hubert Joly, chairman and CEO of Best Buy, denied a report that has him taking the helm of a European retailing giant.



A report by Reuters, which cited Brazilian newspaper Valor Economico, said that Carrefour, the world’s second largest retailer, had identified Joly as a replacement for its current CEO, Georges Plassat, whose term ends in May 2018.



Joly joined Best Buy in 2012 and has been instrumental in its turnaround efforts. On Friday, Joly issued the following statement on the Best Buy website:



“I am fully committed to Best Buy’s continued transformation and have absolutely no plans to leave.”



Carrefour has been pursuing a recovery strategy focusing on price and cost cuts along with expansion into smaller convenience stores and updating its hypermarkets, Reuters reported.