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Best Buy's decision to restructure operations and erase an entire layer of management should do little to impress investors or potential financiers. Complicating matters further: a weaker-than-expected forecast for third-quarter results. Chances for a turnaround or buyout led by founder Richard Schulze seem reduced this morning.U.S. business president Mike Vitelli will leave in early February, as will another top U.S. executive, Tim Sheehan. Deleting those senior managers is an attempt to streamline the business, the first major move by new CEO Hubert Joly.
Best Buy announced more executive changes Wednesday, as company president Mike Vitelli and chief administrative officer Tim Sheehan are both leaving the company.
Best Buy Monday announced some leadership changes, splitting its two-person U.S. leadership team of Mike Vitelli and Shari Ballard. Ballard has been named president of Best Buy International, with Vitelli taking on the sole title of President of Best Buy U.S. Both will retain their executive vice president titles.
The Consumer Electronics Association elected its 2012 Executive Board this week at its Industry Forum in San Diego, which includes five new members: Best Buy Americas President Mike Vitelli, Sony Electronics president Phil Molyneux, Cobra Electronics CEO Jim Bazet, Aridian Technologies vice president Robert Fields and Invisionate CEO George Stepancich.