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McGranahan said Joly has demonstrated that he is a talented executive, but added that he lacks experience running a consumer electronics business.
Schulze, Anderson and Lenzmeier bring “decades of experience in this business to the table,” McGranahan said. “They’ve managed the business through multiple cycles, through ups and downs. They know what they’ve tried and what has and hasn’t worked in the past.”
But Carol Levenson, director of research at Gimme Credit, questioned whether it’s ideal for board harmony to have two distinct factions with differing loyalties.
“Besides,” she wrote in a research note, “these three gentlemen all had plenty of chances to turn around Best Buy when they were in charge, and its situation only deteriorated steadily.”
While Schulze and Joly have embraced their new alliance, they haven’t settled on a long-term vision for the company, according to a source close to the founder. So far, Joly has mostly focused on improving existing operations.
“There is a significant gap in thinking,” the source said.
But on this day, Best Buy and Schulze only spoke about unity and working together. Joly noted how “wonderful” it was to see Schulze chatting with employees during a recent visit at the company’s headquarters.
“His passion, wisdom and insight are legendary,” Joly said. “I look forward to his engagement as we move forward.”
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