Best Buy Co. Inc. said Thursday that it has appointed a veteran technology executive to its board of directors, its third new member this week.
Russell Fradin, the CEO of SunGard, will replace Ron James, who will not stand for re-election.
Fradin, 57, brings technology and operations experience to Best Buy’s board. At SunGard, Fradin oversees a software and technology services company that generates about $4.5 billion in annual sales.
He also is a former CEO of Aon Hewitt, a management consulting firm, and served as an executive with Bisys Group Inc., Automatic Data Processing and McKinsey & Co., where he was a senior partner.
“His background in operations, streamlining cost structures, executive compensation and strategic consulting will be beneficial to Best Buy as it continues its Renew Blue transformation,” Best Buy Chairman Hatim Tyabji said in a statement.“We look forward to Russ offering his insights in support of management’s work to transform Best Buy and make it the preferred destination and authority for technology products and services.”
Earlier this week, Best Buy’s board officially seated former CEO Brad Anderson and former president and vice chairman Al Lenzmeier, who will represent founder and chairman emeritus Richard Schulze and his 20 percent stake in the company.
James, the CEO for Ethical Business Cultures, had served on the board since 2004.