In case there were any lingering doubts, it's now even more abundantly clear: Best Buy is solidly united behind the leadership of Hubert Joly.
On Monday, the Richfield-based electronics retailer announced that Joly, chief executive since September 2012, will add the role of chairman of the board.
He succeeds Hatim Tyabji, 70, a 17-year board member who is retiring from that role in June.
"As difficult as my decision was, it was made easier knowing that the chairman's gavel goes to Hubert, a man of proven integrity, wisdom, and energy," Tyabji wrote in a letter to shareholders. "I am exceedingly pleased the board has nominated him for this key role."
Tyabji became chairman in June 2012 after the board forced Dick Schulze, Best Buy's founder, to step down as chairman following an investigation that found he withheld information about the alleged misconduct of then-CEO Brian Dunn.
Afterward, Schulze launched a hostile takeover bid for Best Buy, but he later abandoned his attempt. He eventually reconciled with the company and endorsed the leadership of Joly.
In March 2013, the board made Schulze chairman emeritus and gave him the right to nominate two directors to the board until he reached the age of 75, which would be in January 2016. Soon after, two of his representatives joined the board — former CEO Brad Anderson and former president Al Lenzmeier.
On Monday, Best Buy said that Lenzmeier was also retiring from the board, along with another director, Sanjay Khosla. In a filing with the U.S. Securities and Exchange Commision, the company said Schulze does not plan to nominate a new candidate to replace Lenzmeier.
