News Summary: Best Buy taps Joly as new CEO

AP News
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Posted: Aug 20, 2012 12:41 PM

NEW CEO: Best Buy announced Monday that Hubert Joly will become its new CEO and president. The former head of hospitality company Carlson is likely to step into the posts in early September when his visa is secured.

THE BACKGROUND: Joly succeeds interim CEO Mike Mikan. Mikan took over after former CEO Brian Dunn left Best Buy because of what the company called an improper relationship with an employee.

TIMING IS EVERYTHING: The news comes one day after Best Buy Co. said its offer to advance talks with company co-founder Richard Schulze on his takeover bid was rejected. It's also one day before the electronics chain reports its second-quarter results.