Best Buy names members of CEO search committee

  • Article by: PATRICK KENNEDY , Star Tribune
  • Updated: April 20, 2012 - 3:06 PM

The Best Buy board of directors confirmed members of the CEO search committee and accepted the resignation of a longtime board member.

It was announced earlier that Kathy J. Higgins Victor would chair the committee to find a replacement for former CEO Brian Dunn. Joining Higgins Victor on the search committee will be board members Lisa Caputo, Ronald James, and Sanjay Khosla. The committee will conduct a global search to find candidates, including interim CEO Mike Mikan. Founder and chairman Richard Schulze is not on the committee.

Best Buy hopes to name a new CEO within six to nine months.

Board members on the search committee have strong connections to Minnesota. Higgins Victor is founder of Centera Corp., a Minneapolis-based executive coaching firm, James is CEO of the Center for Ethical Business Cultures in Minneapolis, and Caputo is an executive with Travelers Cos with major offices in St. Paul.

Khosla is a top executive with Kraft Foods in Chicago.

Dunn resigned from Best Buy on April 10 amid an investigation by the board of director's audit committee into allegations that he used company resources to carry out an inappropriate relationship with a female employee.

The board of directors also accepted the resignation of director Rogelio Rebolledo, who has been a board member since August 2006. The Best Buy press release classified it as a routine membership change. Rebolledo will retire at the end of his term on June 20.

Best Buy holds its annual shareholders meeting on June 21.

Rebolledo is a member of the board's Global Strategy Committee and the Nominating, Corporate Governance and Public Policy Committee. In a filing announcing his resignation Rebolledo did not indicate that he had any disagreements with the company.

Rebolledo, 67, retired from his position as chairman of PBG Mexico, the Mexican operations of The Pepsi Bottling Group, Inc. in 2007. According to Best Buy's corporate governance principles, non-management directors are required to retire "five years after having ceased to pursue the primary career they were pursuing at the time they were first appointed to the Board."

"Rogelio has been an invaluable member of the Best Buy Board, and he will be greatly missed," said lead independent director Matthew Paull in the company's press release. "His global experience and insight helped guide the company. It is with great appreciation that we offer him our thanks and our best wishes."

Patrick Kennedy • 612-673-7926

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