Best Buy Names Musicland Integration Team.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Feb. 5, 2001 New Executives Named To Musicland Group Transformation 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) ) today announced the creation of three positions to coordinate the integration and transformation of the Musicland organization. "The integration and transformation of Musicland requires the talents of the combined Musicland and Best Buy teams to be successful. Together, we plan to create a stronger, more profitable model for our four retail formats," said Musicland President Kevin Freeland. Effective immediately, three Best Buy executives join the Musicland Group. Rob Willey has been promoted to Vice President - Acquisition Integration. Willey has been Director of Brick and Mortar See bricks and mortar. Strategy with Best Buy for three years. Willey will report to Musicland 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. Keith Benson. "Willey and Benson will head the combined integration teams representing both organizations," Freeland said. Duane Hoff joins Musicland as Vice President - Merchandise Transformation. Hoff has been with Best Buy for eight years, most recently as Vice President - Interactive Television. Hoff will report to Musicland Vice Chairman Gil Wachsman. Tim Sheehan joins Musicland as Vice President - Stores Transformation. A 15-year Best Buy veteran, Sheehan was recently promoted to Vice President - Retail Operations. Sheehan will report to Musicland President of Stores Jonathan Reckford Jonathan Reckford, a 42-year-old American, is the current chief executive officer of Habitat for Humanity International. Habitat for Humanity Former U.S. President Jimmy Carter, who served as honorary chair of Habitat's succession planning task force, said, "Jonathan . Reckford and Wachsman, along with Sheehan and Hoff, will lead the retail store transformations. This newly formed team will immediately begin testing and transforming Sam Goody's product offerings. 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 Sam Goody is a music and entertainment retailer in the United States and formerly in the United Kingdom. It is owned and operated by Musicland, which itself is owned by former rival Trans World Entertainment which also runs Suncoast Motion Picture Company and, until January 2006, (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion