Best Buy Co Inc. stock drop 2.81 percent to close at $31.80 yesterday, following the company declared the retirement of Brand Anderson. From 2002 to 2009, Mr. Anderson served as the Chief Executive Officer and as president and chief operating officer between 1991 and 2002.
Mr. Anderson started his profession as a salesperson at Best Buy in 1973. He was decisive in the development and changes of the company into what it is today. For the period of his tenure as CEO, Best Buy developed by leaps and bounds. The company’s store count increased by two folds to more than 1,000 stores and it posted $40 billion in yearly income.
Mr. Anderson started his second turn on the board when he comes back to the company in 2013. It was a stormy time in which Mr. Anderson’s replacement left from the board of directors during a scandal. Dick Schulze, the company’s founder and biggest stockholder, make an effort to recover control of the electronics retailer, but he finally abandoned this battle and the board of directors designated Hubert Joly as chief executive. After the two parties worked on a settlement, Mr. Schulze picked Brad Anderson together with another board member to represent him on the board.
Mr. Anderson said that working at the company together with Mr. Hubert and his team was a “tremendous experience.” He added that “I leave the Board with great optimism for the future of Best Buy and will continue to be one of its biggest fans,” reported in a press release issued the other day.
Best Buy has also broadcasted that Claudia Fan Munce will be selected as the new board member. The 56 year old is presently a venture advisor for one of the worlds largest venture capital firms, New Enterprise Associates. She joined New Enterprise Associates at the beginning of this year, after a 30 year career at IBM Corp. She is one of the founders and managing directors of IBM Venture Capital Group, and the vice president of IBM Corporate Development.
During her days at IBM, Ms. Munce has proven strategic bonds with major venture capitalists in Silicon Valley. She did everything to increase IBM in untapped markets through partnerships, and achievements.
Ms. Munce got her master’s degree in computer science from the Santa Clara University School of Engineering. She has faith that Best Buy has the ability to spearhead the electronics retail industry, and improve the knowledge for consumers. “Best Buy is well positioned to help consumers get through the complexity to leverage and enjoy the incredible technology innovations happening today,” she said. Mr. Anderson will work for the remainder of his term till the end of the yearly shareholders meeting that is scheduled for June 14.
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