Best Buy PR : Best Buy Announces New Member of its Board of Directors, Current
Member Announces Intention to Not Seek Re-election
MINNEAPOLIS - April 18, 2013 - Best Buy Co., Inc. (NYSE: BBY), the leading
authority and destination for technology products and services, today
announced the appointment of Russell Fradin to its Board of Directors. Fradin
is the President and Chief Executive Officer of SunGard, a leading software
and technology services company, serving approximately 25,000 customers in
more than 70 countries.
Prior to joining the company in May 2011, Fradin, 57, was Chairman and Chief
Executive Officer of Aon Hewitt. Fradin oversaw the successful 2010 merger
between Aon Consulting and Hewitt Associates, having been Chairman of the
Board and Chief Executive Officer of Hewitt since 2006.
"We are delighted to have Russ join our Board," said Hatim Tyabji, Chairman of
the Best Buy Board of Directors. "His background in operations, streamlining
cost structures, executive compensation and strategic consulting will be
beneficial to Best Buy as it continues its Renew Blue transformation," Tyabji
added. "We look forward to Russ offering his insights in support of
management's work to transform Best Buy and make it the preferred destination
and authority for technology products and services."
"I have admired Best Buy for a long time and am honored to be asked to join
the company's Board of Directors," said Fradin. "I have a high regard for the
work Hubert and his executive team have already done to restore Best Buy to
its rightful place as a premier specialty retailer. The transformation
currently underway has the potential to result in a remarkable business
turnaround story," Fradin added.
Earlier in his career, Fradin served as chief executive officer of the BISYS
Group, Inc., and also held various executive positions at Automatic Data
Processing, Inc. (ADP). In addition, he worked many years as a management
consultant at McKinsey & Company, where he was a senior partner. He holds a BS
in Economics from the Wharton School of the University of Pennsylvania and an
MBA from Harvard Business School.
Fradin joined the Best Buy Board of Directors on April, 17. He will stand for
ratification at the company's annual shareholder meeting in June 2013.
Ron James, a member of the Best Buy Board since May 2004, has decided to not
stand for re-election at this year's shareholder meeting. James is the
president and CEO of the Center for Ethical Business Cultures. He served as
chair of the Compensation and Human Resources Committee of the Best Buy Board
and as a member of the Finance and Investment Policy Committee.
"Ron and I have been colleagues for nearly 10 years and, in that time, I have
come to admire his unflagging commitment to bringing the best governance
practices and highest ethical standards to every decision he has been a part
of on the Best Buy Board," said Tyabji. "I know I speak for everyone when I
say that we will miss him in the Boardroom, and his contributions in
governance, finance and compensation."
"Leaving the Board is not easy but, with our new CEO and executive team firmly
in place, it feels like a good time," said James. "I will always be rooting
for this great company and leave certain that its best days are still ahead."
James will serve out the rest of his term and will officially step down at the
company's annual shareholder meeting.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Best Buy PR via Thomson Reuters ONE
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