Best Buy Co., Inc. announced that its board appointed Hubert Joly to be the retail company's president and chief executive officer. Best Buy described Joly as a leading global CEO with expertise in turnaround and growth.
Joly is expected to take his new position in early September when his visa is secured. He will succeed G. Mike Mikan, a member of the board who has served as interim CEO since April. Mikan will continue to serve on the board and become chairman of the Audit Committee.
"Hubert's range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies," said Hatim Tyabji, chairman of the Best Buy Board.
"Hubert is a strategic thinker with deep financial acumen and global experience leading large, international employee groups," said Kathleen J. Higgins Victor, a member of the Best Buy Board and chairwoman of the CEO search committee.
Joly led the restructuring and growth of Vivendi's video game's business (now part of Activision Blizzard) from 1999 to 2001, which included the development of online game giants Diablo II and World of Warcraft. He later oversaw the integration of Universal and Vivendi's media assets in the U.S., and was 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, while increasing the profit margin by 20 points of revenue. He was also for a brief period of time Vivendi Universal's CIO.
In the service sector, he has led the transformation of Carlson Wagonlit Travel (CWT) into a global leader in corporate travel management, increasing sales from $8 billion in 2003 to $25 billion in 2007, growing online bookings to more than 50%.
In 2008, he became the CEO of CWT's parent, Carlson, the worldwide hospitality and travel company headquartered in Minneapolis whose brands employ more than 170,000 people in 150 countries.
Joly is a graduate of Ecole des Hautes Etudes Commerciales de Paris (HEC Paris) and of the Institut d'Etudes Politiques de Paris. He was elected a Global Leader for Tomorrow by the World Economic Forum (Davos, 1997-1999) and is a knight in the French National Order of Merit.
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