logo
Share SHARE
FONT-SIZE Plus   Neg

Two Best Buy Directors Resign

Struggling consumer electronics retailer Best Buy Co. Inc. (BBY) said in a regulatory filing that two of its directors - George Mikan III and Matthew Paull - have announced their departure from the company. Both Paull and Mikan are Class 2 directors.

Mikan III said on December 26 that he was resigning from the Board, effective immediately. He has accepted a position as president of ESL Investments, Inc., and believes that it was necessary to step down from the Board due to his new responsibilities and time requirements.

Mikan has served as a director since April 2008. He has been a member of the Audit Committee, most recently serving as Chair of the Audit Committee since September 2012. He was also a member of the Compensation and Human Resources Committee until April 2012, when he was named as interim Chief Executive Officer.

Paull plans to retire from the Board, effective April 20, following the quarterly Board meetings to be held from April 18 to 19.

Best Buy's corporate governance principles require that a director retire five years after ceasing to pursue the primary career he or she was pursuing when appointed to the Board. The Board expects to accept Paull's resignation at its next regular meeting.

Paull has served as a director since September 2003 and as Lead Independent Director since June 2010. He serves as Chair of the Finance and Investment Policy Committee and as a member of the Audit Committee.

Paull or Mikan did not indicate that he was resigning due to any disagreements with the company, Best Buy said.

BBY added nearly 5 percent to close at $11.85 on Monday.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A search has been launched for a dog that was placed aboard a wrong WestJet flight and ended up in Hamilton. The labradoodle named Cooper was mistakenly put on a flight to Hamilton and got off its leash in the Ontario city after it was taken out of its kennel by airline staff for a walk. Network management services provider Real Matters Inc. has filed preliminary prospectus for initial public offering in Canada. The filing is done with Ontario Securities Commission. According to Bloomberg, the Canadian real estate data firm is planning to raise around C$125 million or $96 million. Struggling women's apparel retailer Bebe Stores Inc. will close all its stores by the end of May 2017. In a filing with the Securities and Exchange Commission on Friday, Brisbane, California-based Bebe said it expects to incur an impairment charge of about $20 million as a result of the store closures.
comments powered by Disqus
Follow RTT