Best Buy Co., Inc. Hubert Joly
Title: President, Chief Executive Officer, Director
Age: 53
3 year Salary: $32,000,000
Because of a scandal involving office relationships, Brian Dunn has stepped down from CEO of Best Buy and has been replaced by Hubert Joly. Hubert Joly was previously a hospitality CEO from France. He has a degree in Business Administration that he received from HEC Paris and a Public Administration degree from Institut d'Etudes Politiques de Paris. He changes jobs often, however he is known for fixing companies. The public has high expectations for the new CEO.
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Age: 53
3 year Salary: $32,000,000
Because of a scandal involving office relationships, Brian Dunn has stepped down from CEO of Best Buy and has been replaced by Hubert Joly. Hubert Joly was previously a hospitality CEO from France. He has a degree in Business Administration that he received from HEC Paris and a Public Administration degree from Institut d'Etudes Politiques de Paris. He changes jobs often, however he is known for fixing companies. The public has high expectations for the new CEO.
Read More on Hubert Joly >>>
About Best Buy
Mission Statement:
"Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping." (Best Buy Mission Statement)
"We are a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related service" (SEC 10 K). Best Buy is a conglomerate company that owns businesses involved in entertainment items to appliances. It has expanded its company in the United States by acquiring Geek Squad, Magnolia, Pacific Sales etc. These companies are the reason Best Buy can be considered a conglomerate. Best Buy is also very focused on globalization and it has over two thousand international stores. This company is active in places such as Canada, several areas in Europe, Mexico, and China. Its foreign units include Cell Shop, Connect Pro, The Phone House, and Five Star among others. Best buy has merged with foreign companies such as Carphone Warehouse located in the UK to create a media synergy. They have bought many companies, but they do not have any major media synergies in the USA. There are some examples of vertical integration due to Best Buy developing Best Buy Mobile, which gives them an opportunity to sell cellphone contracts along with the phones they were providing customers. Best Buy also demonstrated horizontal integration by purchasing Magnolia Audio Video, which is another electronics retailer. Since Best Buy itself is an electronics retailer, the action of acquiring Magnolia would put the company in the category of horizontal integration.
Link to Geek Squad
Link to Magnolia Audio Video
Link to Pacific Sales
Link to Best Buy Mobile
"Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping." (Best Buy Mission Statement)
"We are a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related service" (SEC 10 K). Best Buy is a conglomerate company that owns businesses involved in entertainment items to appliances. It has expanded its company in the United States by acquiring Geek Squad, Magnolia, Pacific Sales etc. These companies are the reason Best Buy can be considered a conglomerate. Best Buy is also very focused on globalization and it has over two thousand international stores. This company is active in places such as Canada, several areas in Europe, Mexico, and China. Its foreign units include Cell Shop, Connect Pro, The Phone House, and Five Star among others. Best buy has merged with foreign companies such as Carphone Warehouse located in the UK to create a media synergy. They have bought many companies, but they do not have any major media synergies in the USA. There are some examples of vertical integration due to Best Buy developing Best Buy Mobile, which gives them an opportunity to sell cellphone contracts along with the phones they were providing customers. Best Buy also demonstrated horizontal integration by purchasing Magnolia Audio Video, which is another electronics retailer. Since Best Buy itself is an electronics retailer, the action of acquiring Magnolia would put the company in the category of horizontal integration.
Link to Geek Squad
Link to Magnolia Audio Video
Link to Pacific Sales
Link to Best Buy Mobile