Best Buy names Hubert Joly chairman

Best Buy announced that President and CEO Hubert Joly will now act as chairman of the board, replacing Hatim Tyabji, who will retire from the role effective June 9, 2015. Additionally, Russell Fradin, president and CEO of SunGard and member of Best Buy's board since April 2013, will take on the role of lead independent director.

Tyabji has been a member of the board since 1998 and has served as chairman since 2012.

"Hatim is an admirable leader who possesses a remarkable combination of wisdom, intellect, tenacity and heart," Joly said in a statement.  "His advice has been crucial as we worked to stabilize and grow Best Buy, and our resurgence is in no small measure the result of his dedication to this company. I am honored to succeed him as board chair and thank my colleagues on the board for the confidence they have placed in me. I will do all that I can to live up to this honor as we continue to build an exciting, successful Best Buy that delivers growth for all stakeholders."

Finally, the company announced that directors Sanjay Khosla and Allen Lenzmeier will retire, also effective June 9, 2015. Khosla has been on the board since 2008, contributing to the retailer's global strategy, while Lenzmeier rejoined the board in 2013. Press release