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
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT