Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Two Best Buy Directors Resign

RELATED NEWS
Trade BBY now with 
1/1/2013 4:33 AM ET

Struggling consumer electronics retailer Best Buy Co. Inc. (BBY: Quote) 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.

Register
To receive FREE breaking news email alerts for Best Buy Co Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After turning in a strong performance last week, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 1 point. Healthcare products maker Kimberly-Clark Corp. (KMB) said that its first-quarter net income attributable to the company rose to $538 million from the prior year's $531 million, with earnings per share improving to $1.41 from $1.36 last year. Adjusted earnings for the quarter were $1.48 per share,... Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.