Best Buy Confirms New CEO

Best Buy has confirmed that Hubert Joly, former chief executive officer of global hospitality company Carlson, will take over as chief executive officer and president of the nation’s largest electronics chain, according to The Associated Press.

The announcement comes after Best Buy announced Sunday that company co-founder Richard Schulze’s takeover bid was rejected.

Joly is expected to start in the new role in September. He is succeeded by Mike Mikan, a board member who has served as interim chief executive officer since April when former chief executive officer Brian Dunn left the company.