Daily News: August 21, 2012

Best Buy Appoints Turnaround Specialist Joly CEO

Best Buy announced that its board has appointed Hubert Joly, a global CEO with expertise in turnaround and growth across the media, technology and service sectors, as the company’s president and chief executive officer and a member of its board of directors.

Joly is expected to step into his role as president and chief executive officer in early September when his visa is secured. Joly will succeed G. Mike Mikan, a member of the board of directors, who has served as CEO (interim) since April. Mikan will continue to be the interim CEO until Joly’s start date. Following that, Mikan will continue to serve on the Board, where he will take the position of chairman of the audit committee.

Over the last 15 years, Joly has developed a track record of successful turnarounds and growth in the media, technology and services sectors. In the media sector, he led the restructuring and growth of Vivendi’s video game business (now part of Activision Blizzard) from 1999 to 2001. He later oversaw the integration of Universal and Vivendi’s media assets in the U.S., and was then part of the team that led the restructuring of Vivendi in 2002 to 2004.

In the technology sector, he drove the turnaround of EDS (now part of HP) in France from 1996 to 1999, boosting revenues from a then rapidly declining 1.3 billion French Francs to 2.1 billion. He was also for a brief period of time Vivendi Universal