Best Buy Savior Joly to Step Down as Executive Chairman
Hubert Joly speaks during the annual Milken Institute Global Conference in Beverly Hills, California, on May 4, 2016.
Photographer: Patrick T. Fallon/Bloomberg
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Hubert Joly, who engineered Best Buy Co.’s successful turnaround after arriving in 2012, will step down as executive chairman, the company said in a statement.
Lead director Patrick Doyle will replace Joly as chairman after the company’s shareholder meeting on June 11. The electronics retailer has an agreement with Joly for him to serve as a consultant to the company for a year, with an option for the arrangement to be renewed. He will be considered an independent contractor.