Can Hubert Joly save Best Buy?

Article by: THOMAS LEE , Star Tribune
Updated: August 20, 2012 - 10:35 PM

If Richard Schulze retakes business, Hubert Joly could be out. In that atmosphere, he must craft a turnaround plan.

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mwibachAug. 20, 12 9:34 AM

Great. Another foreign CEO who will gripe about Minnesota weather. (see Buckley, George).

szwickelAug. 20, 12 9:59 AM

How about some fact checking? It's Country Inn & Suites.

william16Aug. 20, 1210:03 AM

Joly's departure from Carlson highlights the current difference in professionalism and preparedness between Carlson and Best Buy: After Joly announced to the Carlson board on Friday he was leaving, Carlson--which obviously had CEO succession plans in place (unlike Best Buy)--was able to announce its new CEO by Sunday--before Best Buy even announced its new CEO. Carlson's board is guided by Marilyn Carlson Nelson, widely regarded as an especially humane and competent leader, who readily turned the reins of the family business over years ago to a non-family member. Best Buy's board was guided by Richard Schulze, who oversaw Best Buy's steep decline in recent years, was essentially booted off the board, and now wishes to pick up Best Buy at a bargain-bin price. Good luck, Mr. Joly.

mom2fourAug. 20, 1210:54 AM

The markets don't like it! Stock is down on the news about 7%. It makes the take over bid offer to the existing stockholders that much more appealing.

jimleffertsAug. 20, 1211:28 AM

What? That's it? No retail experience; no online experience? Not even the CEO of a public company? Brands like TGI Friday's, Radisson and Country Inn's don't exactly impress. And why the hasty hire? Joly presumably lives in Minnesota and he has to wait on his Visa? Couldn't that have been handled before he was hired? The stock is down almost 8% as I write this - it would be down much more if Schulze's offer wasn't out there. As a shareholder, I really wish Best Buy would have given the Schulze offer a little more consideration than a weekend conversation - this is getting painful.

reetnhAug. 20, 1212:07 PM

Good luck Best Buy!

mylittleidAug. 20, 1212:09 PM

Looks like the Titanic has its new captain.

rshacklefordAug. 20, 1212:26 PM

"jimlefferts: What? That's it? No retail experience; no online experience? Not even the CEO of a public company? Brands like TGI Friday's, Radisson and Country Inn's don't exactly impress. And why the hasty hire?" ---- He does not need to know anything about Best Buy and its products. In the club of grossly overpaid incompetents, I guess that it was his turn to figurehead Best Buy. Pay the guy millions but never pin responsibility on him.