Best Buy Streamlines Executive Ranks

Best Buy is cutting the senior-most layer of its U.S. operation to create what the embattled retailer calls a leaner structure intended to improve agility.Effective Jan. 1, 2013, the company will eliminate the positions of president and executive vice president in its U.S. business. Current president Mike Vitelli will retire at the end of the fiscal year after almost a decade with the company; evp Tim Sheehan has already departed."One thing I have learned in helping turn companies around is that a business needs to have a nimble organization," new chief executive officer Hubert Joly (see "Best Buy Finds a CEO" in Related Articles) said in a media release. "Our new organization will help build a closer connection to our customers and front line employees, as well as accelerate our transformation."The new structure will center on two channels (online and retail), three business groups (connectivity, home and services) and various support functions, all of which will report to Joly. The online channel will continue to be overseen by president of digital and marketing Stephen Gillett, while Shawn Score will head the U.S. retail channel as senior vice president. Jude Buckley is being promoted to head the connectivity business group, succeeding Score. Mike Mohan and George Sherman will continue to lead the home and services groups, respectively. Supporting functions including human resources, finance, legal and marketing will not undergo leadership changes.Elsewhere, Sharon McCollam is coming out of retirement next month to join Best Buy as chief financial and chief administrative officer. McCollam left Williams-Sonoma earlier this year after serving as an executive officer for more than 12 years, most recently in the roles of chief financial and chief operating officer. She succeeds James Muehlbauer, whose departure was announced last month. (See "Best Buy Loses ...")"Anyone who has spent time working to turn a company around knows that few things matter more than having a world-class cfo who also has deep operational experience," Joly said in another release. "During her dozen years with Williams-Sonoma, [McCollam] exercised a level of operational and financial discipline that made that company the envy of the retail world. Her in-depth understanding of retail and e-commerce makes her an instantly powerful contributor to our transformation initiatives."

P2PI MEMBERS

JOIN P2PI

You May Also Like

2023 Women of Excellence, Business Excellence

2023 Women of Excellence, Mentorship