Best Buy Gets A New CEO: Hubert Joly Taking Over The Electronics Giant

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News Posted: Mon, Aug 20 2012 9:14 AM
Best Buy's year hasn't been "easy," you might say. The company has experienced a great deal of turmoil, shutting the doors on a number of stores while seeing its CEO head for the exits after a potentially dodgy decision in his personal life. Then, there's the proposed buyout offer from the founder, along with public words of wisdom on how to get everything back on track. Now, however, Best Buy is starting anew, announcing a new CEO to lead the company going forward. The Board of Directors has appointed Hubert Joly to take the top seat, citing his "expertise in turnaround and growth across the media, technology and service sectors."

Mr. Joly is expected to step into his role as President and Chief Executive Officer in early September when his visa is secured. That's right; the man is taking a CEO role in the U.S., yet doesn't have a work visa approved yet. Talk about stressful. Joly led the restructuring and growth of Vivendi’s video game’s business (now part of Activision Blizzard) from 1999 to 2001, and 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 also held down the CEO spot at Carlson Wagonlit Travel, worked at McKinsey & Company, Inc. and graduated from École des Hautes Études Commerciales de Paris (HEC Paris) and Institut d'Etudes Politiques de Paris.

What's clear is that Joly has hopped around a lot in his career, rarely staying at one place for long. Honestly, it's hard to judge a man's impact with such short time frames, and it's even harder to judge how long he's truly planning to stay at Best Buy. The company needs someone that'll hang around for the long haul, and hopefully he's the one to do it. We've already lost Circuit City; can the world survive without seeing that big yellow sticker on store signage?
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CDeeter replied on Mon, Aug 20 2012 9:33 AM

Can we do without BB? I guess it depends on how fast Fryes and Microcenter can expand.

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JOMA replied on Mon, Aug 20 2012 12:08 PM

Would love to have a Fry's near us but since having a Micro Center open up I've never been back to Best Buy to shop. I have been there to browse the displays before buying elsewhere.

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Jaybk26 replied on Mon, Aug 20 2012 12:58 PM

Earlier this year BestBuy closed down many of their brick and mortar stores and set up smaller "shacks." I seem to remember that helping, but I don't see it as anything but a delay tactic. Physical stores have a certain appeal, I love them, but with cheaper prices online and improving customer service I don't see BestBuy making it in the not-online world.

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AKnudson replied on Mon, Aug 20 2012 1:59 PM

Its hard for bestbuy to compete, their edge has been ease of access, good help and low prices. However they lost so many of their serious customers to online stores such as newegg because they can't compete with the low prices online.

The serious customers don't need customer service because they know what they want already.

I hope Hubert Jolly can turn the bestbuy brand around and hey maybe we will have better pricing at BB.

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InsideSin replied on Mon, Aug 20 2012 3:48 PM

Here in Canada BestBuy and Futureshop are the two biggest general electronics store. Futureshop is owned by Bestbuy as well so I don't know how that would affect things if BB goes under.

"You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new."

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LKnudson replied on Mon, Aug 20 2012 9:51 PM

I haven't heard of any brick and mortar BB stores closing down, and have never seen a shack BB store. Maybe I just don't get out enough.

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KAdair replied on Fri, Aug 24 2012 2:36 AM

I personally shop the web over trying to electronic stores like BestBuy and futureshop unless there is a good deal of course. Microcenter is a great store and I wish they had them in Canada. Luckily I live right near a microcenter because I live in a border city.

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