Deals
Best Buy Names Joly CEO as Schulze Rejects Due-Diligence Delay
This article is for subscribers only.
Best Buy Co. named a new chief executive officer and sparred with founder Richard Schulze, who’s trying to acquire the electronics retailer. The stock declined.
Hubert Joly, CEO of hotel operator Carlson Cos., will take over in September, replacing interim CEO Mike Mikan, Best Buy said yesterday in a statement. Schulze, who had been chairman, left Richfield, Minnesota-based Best Buy in June and is trying to purchase the company for as much as $9.5 billion with the help of private-equity partners.