French Business Leader Appointed CEO of Best Buy
The global electronics retailer Best Buy announced on August 20 that it has named Hubert Joly, a globally recognized French business leader, as its next president and CEO.
Mr. Joly will serve as head of the company in what is the latest of numerous prestigious employments with the world’s leading names in the media, service and technology sectors, each of which combine to form his deep experience with the U.S. business community.
Having previously worked for American names such as Electronic Data Systems (EDS), management consulting firm McKinsey & Company, Carlson Wagonlit Travel, and the latter’s parent company, Carlson,
Mr. Joly said he felt "honored and excited" to take up the challenge of Best Buy’s top job.
Other top figures at the company have expressed similar enthusiasm. “Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” said Hatim Tyabji, chairman of the Best Buy Board, in a press release from the company on Monday.
The position grants Mr. Joly oversight of the Minneapolis-based company’s 167,000 employees. His leadership, it is hoped, will steer the company out of troubled waters, as indicated by a recent cost-reduction plan of $800 million, thoughts of store closings and the abrupt departure of former Best Buy CEO, Brian Dunn, in April of this year.
The French leader was tapped in part because of his strong record in boosting performance in struggling and healthy companies alike. While at EDS he helped drive revenue up from 1.3 billion francs to 2.1 billion francs (1996-1999), or nearly 62 percent, in four years. At Carlson, a global corporate travel and hospitality corporation, he grew sales more than threefold in five years, from $8 billion to $25 billion (2003-2007).
Already based in the Twin Cities from his time with Carlson, Mr. Joly will be moving to a new job but not a new home. The executive has contributed meaningfully to the life of the city, through board membership of the Carlson School of Management, a trustee position with the Minneapolis Institute of the Arts, and executive committee membership with the Minnesota Business Partnership.
Mr. Joly’s civic involvement reaches as far as the U.S. federal government. He has chaired the Travel Facilitation Sub-Committee of the U.S. Department of Commerce Travel and Tourism Advisory Board.
Joly is a graduate of École des Hautes Études Commerciales de Paris (HEC Paris) and of the Institut d’Etudes Politiques de Paris (Sciences-Po). He was elected a Global Leader for Tomorrow by the World Economic Forum (Davos, 1997-1999) and is a knight in the French National Order of Merit.
He is expected to assume his new role in early September.