Joly named chairman at Best Buy

Best Buy President and Chief Executive Officer Hubert Joly has added the title of Chairman to his responsibilities at the retailer after long time board member Hatim Tyabji and several others decided to step down.

Tyabji joined the Best Buy board in 1998 and was named chairman in 2012. Other board members relinquishing their positions include Sanjay Khosla who joined the board in 2008 and long time Best Buy Allen Lenzmeier who rejoined the board in 2013. The retirments take effect June 9. Serving as Best Buy’s lead independent director will be Russell P. Fradin, president and CEO of SunGard and a Best Buy Board member since April 2013.

“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 steps down as he believe Best Buy is moving from a turnaround phase to a transformation with an executive team led by Joly well prepared to take the 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.”