Best Buy is turning a page with the last of its former leaders set to leave the company's board.
Former Best Buy CEO Brad Anderson retires from company's board
Brad Anderson presided over a period of rapid growth.
March 16, 2016 at 2:19AM
The Richfield-based electronics retailer said Tuesday that Brad Anderson, who was chief executive from 2002 to 2009, will retire from the board at its annual shareholders meeting in June.
Anderson rejoined the board in 2013 after a turbulent time for the company in which his successor departed in a scandal. The company's founder and largest shareholder, Dick Schulze, had attempted to retake control of the firm, but abandoned that fight. The board selected Hubert Joly as chief executive. As the two sides worked to reconcile, Schulze picked Anderson and another former executive to represent him on the board.
"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."
On Tuesday, the company also announced that Claudia F. Munce, an adviser with venture capital firm New Enterprise Associates, had been appointed to the board. Munce, 56, had a 30-plus year career with IBM.
Anderson, 66, was one of two representatives on Best Buy's board Schulze was granted the right to nominate until he turned 75, which was in January.
The agreement, in which Schulze was also given the title "chairman emeritus" was reached in March 2013. He had been pushed out as chairman the previous year after an investigation revealed he withheld information about alleged misconduct of then-CEO Brian Dunn. Soon after, Schulze launched a hostile takeover bid for the company. He abandoned that effort and later endorsed the leadership of Joly, who became chief executive in September 2012.
Schulze's other designee on the board, former Best Buy President Al Lenzmeier, retired from the board last year. Schulze decided not to nominate a replacement at that time.
Anderson joined the company in 1973 as a salesman for what was then known as Sound of Music. While he was chief executive, the retailer doubled its store count to more than 1,000.
"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," Joly said in a statement.
In a securities filing, the company noted that Anderson said he was retiring for personal reasons and "did not indicate that he had any disagreements" with the company.
Last year, Joly became chairman of the board as well as CEO.
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