Best Buy Names Hubert Joly New CEO

In the midst of falling sales and clashes with founder Richard Schulze, Best Buy announced Monday that the company has chosen a new CEO, hospitality industry veteran Hubert Joly.

Joly joins Best Buy from Carlson, the restaurant and hospitality giant behind T.G.I. Friday's and Radisson, the hotel chain. Joly, who is French, will takeover in September, once he has secured a visa to work in the U.S. Board member G. Mike Mikan has been serving as interim CEO since former CEO Brian Dunn stepped down in April.

According to The Associated Press, Best Buy said in a statement that Joly has a history of turning companies around.

"Hubert was an outstanding candidate for this position and…
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