Best Buy Changes U.S. Leadership, Expects Lower Earnings
Oct 25, 2012
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Best Buy announced changes to U.S. upper management at the same time it announced that current-quarter earnings will likely be well below those of the same quarter a year ago.
Best Buy is completely removing the senior-most layer of its U.S. operations, intended to make the operation more lean and agile.
Mike Vitelli, president of the U.S. business, will retire from Best Buy at the end of the fiscal year.
Executive Vice President of U.S. Operations Tim Sheehan will leave at the end of the month.
The new structure for Best Buy U.S. operations, as of Jan. 1, 2013, will include two channels and three business groups.
The two channels will be Online and Retail. Online will continue to be overseen by Stephen Gillett, president of Digital and Marketing. Shawn Score was named to lead U.S. retail.
The three business groups are Connectivity, Home, and Services. Jude Buckley was promoted to head Connectivity, succeeding Shawn Score. Home will continue to be led by Mike Mohan. Services will continue to be led by George Sherman.
In its current quarter - fiscal third quarter 2013, ending Nov. 3, 2012 - comparable store sales are expected to be down at a rate consistent with the range of the previous two quarters. Comparables were down 5.3% in the first quarter and down 3.2% in the second quarter.
Best Buy plans to release results Nov. 20, 2012.
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