Former Best Buy CEO Brad Anderson announced his retirement from the electronics retailer’s board of directors on Tuesday.
 
Anderson first joined the company in 1973 as a salesman when the Richfield-based company was called Sound of Music. He became Best Buy’s chief operating officer in 1991, one year before the company reached its first-ever $1 billion revenue year. In 2002, Anderson succeeded Richard Schulze, the longtime CEO and founder of the retail chain. Anderson headed Best Buy for seven years and oversaw its rapid growth period where the company doubled in size to more than 1,000 stores and $40 billion in annual revenue.
 
“His knowledge of the company, its culture and its unique role in the consumer electronics marketplace has been invaluable to me and the executive team as we transformed this company,” Best Buy CEO Hubert Joly said in a statement. “We know he remains a passionate and loyal supporter of the company he was so instrumental in building.”
 
Anderson will depart the company’s board on June 14 during its annual shareholder meeting.

In a separate announcement, Best Buy elected a new member to its board: Claudia Fan Munce, a venture advisor at New Enterprise Associates, former managing director of IBM’s Venture Capital Group and former vice president of IBM Corporate Development. Munce was likely appointed for her tech industry experience—a possibly crucial asset to the company in the ever-competitive online retail space.
 
“For the past 15 years, I’ve been on the front lines of innovation, engaging with startups and [venture capitalists] around the world,” Munce said in a statement. “I’m a big believer that we are in an era of incredibly rapid innovation that is transformative to the retail industry. I hope to be able to use my knowledge to help Best Buy find the intersection where innovation can impact the company’s strategy.”