Sometimes, even the brightest LED television screens fade away, and sometimes, the most expensive battery packs that an electronics retailer can stock end up losing their charge.
Best Buy announced Tuesday (March 15) that Brad Anderson, former CEO of the organization and current member of its board of directors, is retiring from his position. In his place, corporate venture capital leader Claudia Fan Munce assumed his seat on the board as of Monday, though Anderson will remain with the retailer until its yearly shareholder conference in June.
“I would like to thank Brad for his many years of dedicated service to Best Buy and its shareholders,” current CEO Hubert Joly said of Anderson in a statement. “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. All of us will miss having him on the board, but we know he remains a passionate and loyal supporter of the company he was so instrumental in building.”
Anderson has a long and winding history with Best Buy, assuming the roles of president and chief operating officer from 1991 to 2002, when he moved a few rungs up the ladder to CEO, where he remained until 2009. That was when Anderson retired from Best Buy for the first time before being reappointed to the board of directors in 2013 after a failed bid by Best Buy Founder Richard Schulze to purchase the brand back for himself, Minneapolis/St. Paul Business Journal explained.
“It has been a tremendous experience to rejoin the board and work with Hubert and his leadership team on what has been a remarkable transformation of the company,” Anderson remarked. “I leave the board with great optimism for the future of Best Buy and will continue to be one of its biggest fans.”
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