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 announced Thursday that it has promoted a pair of top executives.
Best Buy announced Thursday that Julie Owen has been promoted to lead the company’s entertainment business operating group, under the title senior vice president. She will report to executive vice president Shari Ballard. Ballard was herself been promoted in June to replace Gary Arnold; Owen will now assume some of Arnold’s other former duties. Arnold now holds the title senior entertainment officer. The company also said that Ben Moore has been promoted to senior vice president, retail support and operations, from his previous position of vice president of properties. Moore will report to Tim Sheehan, the company’s senior vice president of customer experience