Instead, Best Buy has become an improbable survivor led by an unlikely boss. Joly was raised and educated in France, trained at McKinsey & Co., and previously employed by hospitality company Carlson, based outside Minneapolis, and media conglomerate Vivendi SA, where he greenlighted a little game called World of Warcraft. He’s the first outside CEO in the chain’s 52-year history. He had no retail experience—Best Buy’s stock fell 10 percent the day he was named CEO—but Joly understands how to value, and capture, customers’ time. Comparable sales rose 5.6 percent last year and 9 percent during the Christmas season, the biggest holiday gain since 2003. The stock price has quadrupled. Even Amazon CEO Jeff Bezos is impressed. “The last five years, since Hubert came to Best Buy, have been remarkable,” he said at an appearance in April.
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posted 2104 days ago