Hubert Joly, widely regarded as the architect behind Best Buy’s transformation, plans to retire from his role as chairman.
In a March 10 SEC filing, the company said Joly will step down as board chairman on June 11. He joined the electronics retailer as CEO in 2012 and became chairman in June 2019.
After he retires, Joly will serve as a paid consultant for a year, according to the filing.
“Under the terms of the arrangement, Mr. Joly will provide consulting services, advice on matters related to the business activities of the company, and support to the company’s efforts to provide tech opportunities to disadvantaged youth,” Best Buy officials wrote in the filing.
J. Patrick Doyle, Best Buy’s lead independent director and former CEO of Domino’s Pizza, will become the electronics retailers’ next board chairman.
Meanwhile, Joly told employees he plans to write a book about the “heart of the business,” the Star Tribune reported, citing a company-wide email.
Two years ago, Twin Cities Business named Joly its Person of the Year for his turnaround strategy at Best Buy.
“A lot of people thought that Best Buy was going to die,” Joly told TCB at the time. “They had gone sideways, but there [were] enough assets that you could do a turnaround. The combination of that and loving challenges attracted me to the place.”