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
Fast-food giant Burger King will be adding hot dogs to its menu in the US from February 23. According to Burger King's North American President Alex Macedo, this addition is the most significant menu addition for the burger chain since it added a chicken sandwich in the 1970s. Burger King will... Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a fourth-quarter loss that widened from last year, hurt largely by higher operating costs which offset an increase in revenues. However, shares of the company gained 11 percent after the company detailed a strong delivery target for 2016. Tesla,... Micro-blogging site Twitter Inc. (TWTR), Tuesday reported a smaller loss for the fourth quarter, as revenues surged 48 percent reflecting growth in its advertising business despite a stagnating user growth. The company detailed a weak revenue outlook for the first quarter. Investors are concerned...
comments powered by Disqus
RELATED NEWS
Trade BBY now with 
Follow RTT