hubert joly

Hubert BSR

14 Nov: Hubert Joly Links Business Purpose, Corporate Responsibility at BSR

A company’s ultimate purpose is to serve the common good, Best Buy Executive Chairman Hubert Joly said Wednesday at the annual conference of Business for Social Responsibility (BSR).

“The purpose of a company is not to make money,” he said. “It is to serve all of the stakeholders, including customers, employees, partners, vendors, the communities in which we operate, the environment and shareholders. The idea is that there is no trade-off, no need to choose between the various stakeholders.”

Hubert noted that businesses “do well by doing good” and that a company’s sustainability efforts are most impactful when they are connected to its business purpose and overall success.


05 Aug: Hubert Joly wins prestigious Deming Cup

Hubert Joly, Best Buy’s executive chairman and former CEO, has been named as one of this year’s winners for a prestigious award that recognizes top business leaders.

Columbia Business School’s W. Edwards Deming Center for Quality, Productivity, and Competitiveness on Monday named Hubert as one of three recipients of the 2019 Deming Cup. Now in its 10th year, the award recognizes leaders for operational excellence and for fostering a culture of continuous improvement within their organizations.

This year’s other honorees are David Abney, chairman and CEO of United Parcel Service (UPS), and Janet DiFiore, chief judge for the New York State Court of Appeals.

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11 Jun: Corie Barry becomes fifth CEO in Best Buy history

There’s a new boss at Best Buy.

On Tuesday, Corie Barry becomes the fifth CEO in the company’s 53-year history. She replaces Hubert Joly, who led the company through a successful turnaround over the past seven years and will now become executive chairman as part of a planned leadership transition.

A Minnesota native, Corie has been with Best Buy for 20 years, most recently serving as the company’s chief financial and strategic transformation officer. She has been a member of the executive team for the past four years, playing a critical role in developing the company’s growth strategy.


10 Jun: Hubert Joly leaves a lasting legacy as Best Buy CEO

In 2012, Best Buy was struggling. Sales and profits were declining, the stock price was plummeting and pundits were predicting the company’s demise.

But then, in what would be a major turning point in Best Buy’s history, the company hired Hubert Joly as CEO. Over the next seven years, he led the company through our successful Renew Blue transformation, which resulted in improved customer satisfaction, market share gains, revenue growth and improved margins.

Now, Hubert is moving into the newly created role of executive chairman as part of a planned leadership transition


14 Jan: Best Buy CEO Hubert Joly talks leadership at NRF Big Show

NEW YORK – IQ is overrated in business. But EQ, the abbreviation for emotional quotient, is vital for being a leader.

That was part of the message shared Sunday by Best Buy Chairman and CEO Hubert Joly at the National Retail Federation Big Show in New York.

Speaking as part of series of moderated conversations with CEOs entitled Company Conscience: Leading with Conviction, Joly talked about the importance of purposeful leadership.

“Defining what to do from a business standpoint isn’t that difficult.

Best Buy - diversity

17 Jan: Best Buy CEO: ‘We Have An Imperative To Act’ On Diversity

Best Buy Chairman and CEO Hubert Joly on Tuesday said that the journey to building a more diverse and inclusive culture starts with the company’s values.

“Every organization is a human organization. It is about individuals working together to accomplish something, pursuing their life’s purpose and connecting it to the purpose of the company,” Joly said in front of a few thousand of the world’s top retailers. “It’s creating an environment where our employees can live our value of ‘unleashing the power of the people.’

Best Buy - diversity and inclusion

04 Nov: Hubert Joly Opens Up About Diversity and Inclusion

Best Buy Chairman and CEO Hubert Joly welcomed the Twin Cities Black Affinity Network to corporate headquarters on Saturday for a conversation about diversity and inclusion.

“My purpose is to inspire people around me in a positive way and to use the position I have as a platform to create positive change,” Hubert told the crowd of about 250.

Part of that change is bringing more diversity to the workplace. “If we don’t embrace the richness of backgrounds and experiences, then it’s going to be a terrible world for individuals who feel excluded,” Hubert said.

Best Buy financial results

27 Sep: Hubert Joly Statement On Tax Reform

A statement from Best Buy Chairman and CEO Hubert Joly on tax reform.

“I am encouraged by the latest efforts by the Administration and Congressional leaders to advance corporate tax reform and the progress that has been made in recent months. For the first time in decades, the country has a real opportunity to achieve significant tax reform which will allow companies to reinvest in jobs, grow the economy and create opportunities for all Americans. We are ready to help pass tax reform this year.”

Best Buy

22 Aug: Best Buy at 50: A Q&A with Founder Dick Schulze and CEO Hubert Joly

Technology has changed a lot over the past half century, and so has Best Buy.

Fifty years ago today, Dick Schulze opened a small store called Sound of Music in St. Paul, Minnesota, that sold stereos, speakers, vinyl records and other products related to music. Little did he know that it would become Best Buy, a nearly $40 billion company that now sells everything from TVs and laptops to drones and virtual-reality headsets.

As we celebrate Best Buy’s 50th anniversary, we sat down with founder and Chairman Emeritus Dick Schulze and current Chairman and CEO Hubert Joly to talk about how we got to where we are today and get a glimpse into where we’re going next.

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13 Apr: Best Buy Announces Retirement of Board Chairman, Hatim Tyabji, Names Hubert Joly as Chairman & CEO

MINNEAPOLIS, April 13, 2015 – Best Buy Co., Inc. (NYSE: BBY) announced today that Board Chairman Hatim Tyabji is retiring from the Board effective June 9, 2015. Tyabji has been a Board member since 1998 and chairman of the Best Buy Board of Directors since 2012.

Best Buy President and CEO, Hubert Joly, will succeed Tyabji and take on the additional role of Board chairman. Russell P. Fradin, President and CEO of SunGard and a Best Buy Board member since April 2013, will serve as Lead Independent Director.

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20 Nov: Best Buy Announces Fiscal Third Quarter Results

Non-GAAP diluted EPS from continuing operations of $0.32

GAAP diluted EPS from continuing operations of $0.30

$65 million in additional annualized Renew Blue cost reductions, bringing the cumulative total to $965 million


MINNEAPOLIS, November 20, 2014 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter (“Q3 FY15”) ended November 1, 2014, as compared to the 13-week third quarter (“Q3 FY14”) ended November 2, 2013.


Revenue Q3 FY15 Q3 FY14
Revenue ($ in millions) $9,380 $9,327
Comparable sales % change1,2 2.2% 0.3%
       Domestic Segment:
   Comparable sales % change 3.2% 1.8%
   Comparable online sales % change 21.6% 15.1%
       International Segment:
   Comparable sales % change (3.0%) (6.4%)


Operating Income Q3 FY15 Q3 FY14
GAAP operating income as a % of revenue 2.0% 1.0%
Non-GAAP operating income as a % of revenue3 2.2% 1.4%


Diluted EPS Q3 FY15 Q3 FY14
GAAP diluted EPS from continuing operations $0.30 $0.12
Impact of non-restructuring asset impairments $0.01 $0.02
Impact of restructuring charges $0.02 $0.06
Impact of gain on sale of investments ($0.01) ($0.01)
Benefit of income tax impact of Best Buy Europe sale $0.00 ($0.01)
Non-GAAP diluted EPS from continuing operations3 $0.32 $0.18


Hubert Joly, Best Buy president and CEO, commented, “In the third quarter, our teams delivered positive comparable sales, improved profitability and continued progress in our Renew Blue transformation.