Carlson’s Joly Named CEO of Electronics Retailer Best Buy
By James Shillinglaw
August 20, 2012 10:24 PM
Hubert Joly, Carlson’s president and CEO, who resigned over the weekend to accept another business opportunity, is reportedly going to become president and CEO of Best Buy Co., the ailing consumer electronics chain. Best Buy last week rejected a bid by its co-founder, Richard Schulze, to take the company over.
Joly is expected to take over as CEO of Best Buy in early September when his visa is secured. But his impending arrival didn’t help the company’s stock price, which was down 10.41 percent on Monday, Aug. 20. Best Buy is scheduled to report its second-quarter financial results on Tuesday, Aug. 21.
Joly previously helped turn around EDS, now part of HP, in France from 1996 to 1999. He also helped transform Carlson Wagonlit Travel into a global leader in corporate travel management. In 2008, he became the CEO of Carlson Wagonlit’s parent, Carlson, based in Minneapolis, whose travel brands include the corporate travel management company and Carlson Hotels, including Radisson and Country Inns & Suites.
Meanwhile, Carlson's board of directors has elected Trudy Rautio as president and chief executive officer, effective immediately. Rautio has been a senior executive with Carlson for 15 years. For the past eight years, she has served as executive vice president and chief financial and administrative officer of Carlson, where she was responsible for directing all financial and information technology operations of the company. She serves on the boards of Carlson Wagonlit Travel (CWT) and The Rezidor Hotel Group, Carlson’s majority-owned hotel group in Europe, Middle East and Africa.
Rautio is Carlson’s second female president and chief executive officer. The first was Marilyn Carlson Nelson, Carlson’s current board chair and co-owner. “Trudy has the full confidence and support of the Carlson family and board of directors,” Nelson said. “We are poised to accelerate our growth and Trudy has the experience, leadership and vision for Carlson’s exciting next chapter.”