Best Buy Co., Inc. has announced that its chairman, Hatim Tyabji, is retiring from the board of directors effective June 9. Best Buy president and CEO Hubert Joly will succeed Tyabji as board chairman.
Russell Fradin, president and CEO of SunGard and a Best Buy board member since April 2013 who has served as compensation committee chairman, will serve as lead independent director.
Tyabji has been a board member since 1998 and chairman since 2012.
Best Buy also announced the retirement of directors Sanjay Khosla and Allen Lenzmeier, effective June 9. Khosla, a former Kraft Foods and Unilever executive, joined the board in 2008 and brought key insights to the company’s global strategy. Lenzmeier, a long-time Best Buy executive, rejoined the board in 2013.
“My association with Best Buy has been more rewarding than words can express,” Tyabji said in a statement on the board changes. “I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation. It is this transformation, led by my colleague and friend Hubert Joly, that I count as one of the highlights of my long career. Hubert and I have developed a wonderful partnership, and I am delighted he will succeed me as board chairman.”