Electronics retailer Best Buy has chosen a new chief executive as it grapples with lagging sales and a proposal to take the company private by its founder.
Hubert Joly stepped down today as CEO of hospitality and restaurant giant Carlson to lead the struggling electronics giant, The Wall Street Journal reported. Best Buy touted Joly as having a record turning around companies in the media, technology and services sectors.
Joly, who is French, is expected to assume his new position next month once he secures a visa, the Journal reported.
CNET has contacted Best Buy for comment and will update this report when we learn more.
The appointment comes on the heels of a proposal by Best Buy founder and ousted chairman Richard Schulze to acquire the brick-and-mortar retailer and take it private. Schulze, who already owns about 20 percent of Best Buy, has proposed paying between $24 and $26 per share in cash to the company to acquire the outstanding shares he doesn't own -- a premium of 36 percent to 47 percent on its Friday closing price of $17.64.
Schulze, who founded Best Buy in 1966 and served as the company's CEO until 2002, ... [Read more]
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