Best Buy Co. Inc. Board Chairman Hatim Tyabji is retiring in June and will be replaced by CEO and President Hubert Joly.
Joly will hold all three major leadership titles at the Richfield-based consumer electronics retailer after the change.
Tyabji took over as chairman in June 2012 when company founder Richard Schulzestepped down from the position, and was chairman when the board appointed Joly as CEOin August 2012.
“I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation,” Tyabji said in a news release. “It is this transformation, led by my colleague and friend, Hubert Joly that I count as one of the highlights of my long career.”
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Russell Fradin, president and CEO of Wayne, Penn.-based software firm SunGard, will serve as lead independent director of the board when Joly takes over as chairman.
Best Buy also announced that board directors Sanjay Khosla and Allen Lenzmeier are retiring June 9.
The board grew to 13 members in the past two years with the addition of four new directors. It will be scaled back to nine following the retirements of Tyabji, Khosla and Lenzmeier.
Best Buy (NYSE: BBY) is Minnesota’s third-largest publicly traded company, according to Business Journal research.
Date: April 13, 2015