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
Apple and Hertz Global Holdings Inc. will work hand in hand to develop self driving vehicles. Bloomberg reported that Apple will hand over six Lexus SUVs to Hertz subsidiary Donlen fleet management unit for software testing. The leasing agreement between Apple and Hertz for a small fleet of vehicles was revealed by the California Department of Motor vehicles. The document listed Donlen as the le Apple Inc. has acquired German computer vision company SensoMotoric Instruments, a maker of eye-tracking glasses and systems, according to media reports. Financial terms of the deal are not known. The acquisition is expected to help Apple develop software that will be built into future versions of the iPhone or other new hardware. Western Digital Corp. and U.S. private equity firm KKR & Co. LP have resubmitted an offer for Toshiba Corp.'s flash memory chip unit, according to media reports on Tuesday. The new offer is said to be around 2 trillion yen. Western Digital's re-submission of a bid comes amid speculation that Toshiba might sign an agreement by Wednesday to sell the business to a Japanese-led consortium.
comments powered by Disqus
Follow RTT