Best Buy Announces New Enterprise Structure; Organizational Changes and Promotions Support Future Growth.Business Editors NOTE TO MEDIA: Photos are available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com MINNEAPOLIS--(BUSINESS WIRE)--Feb. 5, 2001 The Board of Directors of Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange : BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) has approved a number of organizational changes to prepare the Company for the future. These changes include the creation of a multi-business unit and shared services shared services, n.pl the administrative, clinical, or other service functions that are common to two or more hospitals or their health care facilities and used jointly or cooperatively by them. structure, which the Company has named the Best Buy Enterprise. The combined businesses are expected to reach approximately $20 billion in annual revenues in fiscal 2002. The Company is also announcing a number of executive promotions to support this new structure. "Best Buy's vision extends beyond our market-leading position in the sale of products and services to provide complete consumer solutions across products, services, connections and content," said Best Buy Enterprise Founder, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. . "These changes better position us to operate multiple business units, to develop new business initiatives and to support future digital strategies." Effective immediately, Brad Anderson, currently Best Buy's President, will take on the added role of Vice Chairman, as well as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for the Best Buy Enterprise. Anderson is a 28-year Best Buy veteran. The presidents of each of the business units, comprising Best Buy retail stores, Musicland Group, BestBuy.com and Magnolia Hi-Fi, will report directly to Anderson. Allen Lenzmeier, Executive Vice President and CFO See Chief Financial Officer. , who is a 16-year Best Buy veteran, has been promoted to President, Best Buy Retail Stores. He will also be joining Best Buy's Board of Directors. Lenzmeier will have responsibility for all Best Buy retail operations. Wade Fenn has been promoted to President of New Business Development and Strategic Alliances, reporting directly to the CEO. A 20-year Best Buy veteran, Fenn spent 15 years at retail, and most recently was Executive Vice President, Marketing. In his new role, Fenn will be responsible for developing new business initiatives within the Company's in-home operations and entertainment ecosystems. Phil Schoonover has been promoted to Executive Vice President, Digital Technology Services. Schoonover, a five-year member of Best Buy's team, oversees development and marketing of bundled consumer solutions, which includes broadband, Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. , wireless products, digital cable and new digital service. He will continue reporting to Fenn. George Lopuch has been promoted to Executive Vice President, Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. . He will be responsible for the Best Buy Enterprises' planning efforts, property development, real estate, customer relationship management and the Canadian expansion. Lopuch joined Best Buy in March 1998. He will report directly to Schulze. Tami Kozikowski joins Best Buy in the newly created position of Senior Vice President, Real Estate and Property Development. Kozikowski has been with Musicland for eight years, most recently as Vice President, Real Estate. She will be responsible for construction and development of all Best Buy Enterprise locations. Marc D. Gordon has been promoted to Executive Vice President and CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. . In addition to his current responsibilities as CIO, he will now have responsibility for the Logistics and Legal areas. He joined Best Buy in April 1998. Darren Jackson Darren Jackson (born 25 July 1966 in Edinburgh) is a former Scottish professional footballer. Career Jackson played for Meadowbank Thistle, Newcastle United, Dundee United, Hibernian, Celtic, Coventry City, Hearts, Livingston, St. Johnstone and Clydebank. , who recently joined Best Buy as Senior Vice President of Finance and Treasurer, is being promoted to Chief Financial Officer. He will report to Enterprise President Brad Anderson. About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE: BBY) is the nation's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Enterprise operates retail stores and commercial web sites under the names: Best Buy, (BestBuy.com), Magnolia Hi-Fi, Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico and the in U.S. Virgin Islands. Editor's Note: Complete bios and photos are available by calling contact. Statements made in this news release, other than those concerning historical financial information, should be considered forward looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others, those identified in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. Note: Photos are available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : Best Buy Enterprise Founder, Chairman & CEO Richard M. Schulze: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb14 Brad Anderson, currently Best Buy's President: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb14a Allen Lenzmeier, Executive Vice President and CFO: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb14b Wade Fenn: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb14c |
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