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Best Buy founder ever closer to finalizing company buyout bid
Best Buy founder Richard Schulze may have stepped down as chairman of the board, but he's certainly not out. His plan to buy the turbulent company has reached the next step -- an agreement which pre-empts the formal offer. Schulze now has access to all the private numbers he'll need to put together an investor group within the 60-day timeframe. And, if this round is unsuccessful, it'll be next January before another bid can go to the Board of Directors, followed by direct shareholder offers if the second attempt fails. Given that Schulze owns 20 percent of Best Buy, he gets two seats-worth of voting power as long as he sticks to the agreed process. So, with a new CEO taking the reigns in September and the acquisition machinery in top gear, is there fresh hope for the big box retailer?
Best Buy names Hubert Joly as new CEO, will take on leadership in September
It's been a rough year for Best Buy -- it's shuttered dozens of stores, seen its founder step down and even lost its CEO, Brian Dunn. Still, the big box retailer hasn't given up hope, and today chose a new chief executive, one Hubert Joly. Until Sunday afternoon, Joly was responsible for Carlson, a hospitality and travel outfit that operates hotels and restaurants in over 150 countries. If you've eaten at a TGI Friday's, you've patronized Joly's old firm. Best Buy seems optimistic, according to the Wall Street Journal, noting that Joly has a knack for turning around companies in trouble. Still, Best Buy will have to get along without its new head honcho until September -- the new boss is French, and is apparently waiting on a visa. In the meantime, Mike Mikan will continue to serve as interim CEO, presumably helping the board of directors sift through Richard Schulze $10 billion rescue plan.
