As a basketball player, G. "Mike" Mikan III, Best Buy's interim CEO, was known for being prepared, tough and competitive, attributes that should serve him well as he takes the lead of the struggling electronics giant.
The former UnitedHealth Group Inc. executive, who hails from basketball royalty, will lead Best Buy just as it begins a massive retooling of its business model after the sudden departure of CEO Brian Dunn, who resigned Tuesday amid a company probe relating to his "personal conduct."
The "G" in Mikan's name stands for George, as in George Mikan, his grandfather and the late Minnesota professional basketball legend.
Mikan, who turned 41 on Monday, has been on the Best Buy board of directors since 2008 and knows Chairman Richard Schulze. In addition to his tenure on the board, Mikan also is a graduate of the University of St. Thomas, where the business college's school of entrepreneurship is named after the Best Buy founder, who remains the company's largest shareholder. Both men call Edina home.
"As we move forward we are very pleased to have a strong leader with Mike Mikan's credentials as interim CEO," said Schulze in a statement announcing Mikan's promotion. Mikan will remain on the board while a formal search for a new chief executive takes place.
Best Buy noted in its news release that Mikan has "strong financial and operational expertise, as well as public company leadership experience." Mikan was not available for an interview Tuesday.
Sales at the Minnesota-based big-box retailer have remained flat for three years at about $50 billion. Meanwhile, online competitors such as Amazon.com have taken market share from the company, which has responded with plans to close 50 stores and lay off thousands. Best Buy, the third-largest public company based in Minnesota, has about 180,000 employees worldwide.
Analysts who follow the company say Mikan can help provide stability in the wake of Dunn's surprising departure, but they predict someone else be selected to take the job permanently.