Best Buy bid complicates CEO hunt

  • Article by: THOMAS LEE , Star Tribune
  • Updated: August 7, 2012 - 9:41 PM

Richard Schulze's attempt to buy the firm, analysts say, means Best Buy may need to hire a more well-known name in retailing.

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economics4uAug. 7, 1210:11 PM

Mikan showed the important vendor community he was not the guy when he presented non rehearsed content that was also used by all of his leutenants. In addition he left out favorable to BBY material which again showed this community his lack if respect or truly a lack of ability. Go and get the best retail turn around guy/leader who gets it, Jerry Storch. In addition, he is local.

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rshacklefordAug. 7, 1211:03 PM

"Nonetheless, analysts say, Schulze's play to reclaim the company has put Best Buy leadership on the defensive by presenting a management team that Wall Street already knows and respects." ---- I wonder why analysts don't respect Mikan and his team? Perhaps because Mikan had to purchase the loyalty and "yes sirs" from his four direct reports for $400,000 in cash? How did that congratulatory statement to Bud Fox (in Wall Street) go? "Congrats, you just became the shortest term CEO of all time."

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xorcistAug. 8, 12 6:14 AM

Both the media and the "analysts" seem to have conveniently short memories when it comes to Best Buy management.

The media exposed the incestuous vendor relationships that Dick Schulze had with a company he owned, and members of his own family, while so-called analysts and "industry experts" clearly stated those relationships are highly unusual and unethical, as well as costing the company millions of dollars unnecessarily. All the while, the Board knew of this and did nothing to end such relationships, even as they saw sales and profits declining over three consecutive years.

Clearly, Sculze is not the right person to own or run Best Buy.

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Tinye67Aug. 8, 12 7:28 AM

View from the inside.....Mikan has not won over the heads and hearts of the employee base. Retail employees don't believe he has the retail-chops for the job, and corporate employees know he doesn't. And unlike Brian, Mikan does not walk the halls and relate to the employees. Brian for all his faults, would stand in line at Caribou and chat with employees. He would eat in the lunch room. He would stop by new employee training sessions and say Hi and welcome the new recruits. Mikan is a smart guy, but a bit of an empty suit.

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timandtiaAug. 8, 12 7:45 AM

Both Schulze and Anderson need to leave Best Buy alone. They had their time with the company and now it is time for others to take care of it. Best Buy does not need this distraction.

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Tinye67Aug. 8, 12 8:39 AM

"Both Schulze and Anderson need to leave Best Buy alone. They had their time with the company and now it is time for others to take care of it." - Really?? Dick Schulze started Best Buy with one store at Hamline and St. Clair. He turned it into a 50 billion company. He had his turn??? Please. It's his company. He doesn't need to ask permission for another turn.

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fatredneckAug. 8, 1210:55 AM

I think Dick Schultz could actually save the company and here's why. He is all about profit and knows how to make money. Look at the way he set up BBY to make money for himself and his family. If he buys the company and gets in control of it again, he can make the decisions that Best Buy can not make now - because there are too many people involved. Yes, there will be massive layoffs and store closings. (We can all see that coming from miles away) but sadly that is what is needed. Best Buy has become so big its biggest enemy is itself.

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dahutysAug. 8, 1211:19 AM

@Tinye67: It's not "his" company. The instant he sold public stock, it became the shareholders' company. And yes, he has to ask their permission, or buy their stock back, if he "wants another turn".

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halfabubbleAug. 8, 1211:37 PM

The current BBY board and management can only seem to find ways to cut their way to the bottom and make BBY uncompetitive. I see a buyout as the only alternative to an eventual collapse and bankruptcy.

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