Best Buy's (NYSE:BBY) former CEO Brad Anderson announced he will retire from the company's board of directors at its annual shareholder meeting in June, marking the final chapter for the company's original leadership team.
Anderson joined Best Buy, then called Sound of Music, in 1973 as a salesman and played a key role in building the chain alongside founder Dick Schulze. He was named CEO upon Schulze's retirement in 2002.
As CEO, Anderson oversaw a period of rapid growth during which the company doubled in size to more than 1,000 stores and $40 billion in annual revenue.
But Anderson retired as CEO in 2009, naming Brian Dunn as his replacement. Dunn's tenure was marked by declining sales and scandal, and both Anderson and Schulze stepped in help right the company, with Anderson rejoining the board in 2013 following a failed attempt for Schulze to regain control of Best Buy.
In the years since, Best Buy has closed stores and focused on partnerships that have created a series of shops within Best Buy stores, including those from Apple, AT&T and Samsung. The retailer has also partnered with Macy's to open Best Buy shops inside some department stores. Today, it operates slightly more than 1,600 stores worldwide with revenue of $40.4 billion.
"I would like to thank Brad for his many years of dedicated service to Best Buy and its shareholders," said Hubert Joly, Best Buy chairman and CEO. "His knowledge of the company, its culture and its unique role in the consumer electronics marketplace has been invaluable to me and the executive team as we transformed this company. All of us will miss having him on the board, but we know he remains a passionate and loyal supporter of the company he was so instrumental in building."
"It has been a tremendous experience to rejoin the board and work with Hubert and his leadership team on what has been a remarkable transformation of the company," Anderson said in a statement. "I leave the board with great optimism for the future of Best Buy and will continue to be one of its biggest fans."
Claudia Fan Munce has been appointed to the board as a replacement, effective March 14. Munce is a venture advisor at New Enterprise Associates; previously, she was a founding member and managing director of IBM Venture Capital Group and a VP of IBM corporate development.
-See this press release from Best Buy
-See this Minneapolis StarTribune story
-See this article on Forbes
Best Buy shuts down marketplace
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Shari Ballard, president of US retail and HR officer, Best Buy