Joly to chair Best Buy board

Minneapolis – Best Buy president and CEO Hubert Joly now has something in common with Frank Sinatra — you can call him “Chairman of the Board.” Joly will succeed current chairman Hatim Tyabji, who is retiring from the board effective June 9, 2015, as board chairman.



Russell P. Fradin, president and CEO of SunGard and a Best Buy Board member since April 2013, will serve as lead independent director. Tyajbi, CEO of mobile data/video company Bytemobile Inc., has served on the Best Buy board since 2008 and as chairman since 2012.



Best Buy also announced the retirement of directors Sanjay Khosla and Allen U. Lenzmeier, effective June 9, 2015. Khosla joined the board in 2008. Lenzmeier, a long-time executive in the company, rejoined the board in 2013. With the addition of four new board members in the past two years, both Khosla and Lenzmeier felt this was an appropriate time.