Best Buy Retail Announces New President; Changes and Promotions To 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) ) announced a new president for Best Buy Retail Stores and a number of executive promotions to support the Company's retail operations. Allen Lenzmeier, Executive Vice President and CFO See Chief Financial Officer. , and a 16-year Best Buy veteran, has been promoted to President, Best Buy Retail Stores. He will also be joining the Best Buy Board of Directors. Lenzmeier will be responsible for retail operations for the 413 Best Buy stores. "Lenzmeier has been instrumental to Best Buy's success, and the retail organization will continue to flourish under his leadership," said 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. of the Best Buy Enterprise 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 position Best Buy for continued growth and illustrate the depth of the Company's dedicated and committed management team." Lenzmeier's financial career spans more than two decades and includes a number of financial management positions with food service and retail companies. In 1984, he joined Best Buy Co., Inc. as Vice President of Finance and Operations. He was named Senior Vice President in 1986 and promoted to Chief Financial Officer and Executive Vice President in 1991. Lenzmeier is on the executive committee of the Board of Directors and a national trustee for the Boys and Girls boys and girls mercurialisannua. Clubs of the Twin Cities, currently serves on the Business Advisory Council at Minnesota State University Minnesota State University may refer to
MSU Mississippi State University MSU Montana State University MSU Minnesota State University MSU Morehead State University (Kentycky) MSU Montclair State University Foundation for the past six years. He is also a member of the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. . Mike London has been promoted to Executive Vice President - General Merchandise Manager for Best Buy retail stores. During his four years with Best Buy, London has served as Vice President - General Merchandise and most recently as Senior Vice President - General Merchandise Manager. His retail career spans nearly 30 years. Additionally, Senior Vice President Mike Keskey has been promoted to Executive Vice President, Retail Sales. Keskey is a 12-year veteran of Best Buy. Under his direction, the U.S. retail operations have been divided into three divisions, with newly named Senior Vice Presidents responsible for each division. Brian Dunn, Don Eames and Mark Overgard have each been promoted from Regional Vice President to Senior Vice President, Retail Sales. Dunn has spent his entire 15-year professional retail career with Best Buy and was most recently responsible for the retail stores in Best Buy's northeastern region. Eames has been with Best Buy for 10 years, most recently overseeing Best Buy's southwestern region. Overgard has been with Best Buy for 16 years, most recently for Best Buy's midwest region. Mike Marolt, Best Buy Senior Vice President of Loss Prevention, moved to Senior Vice President Retail Operations, taking on responsibility for store operations. Marolt has been with Best Buy for 15 years. Joe Pelano, formerly Senior Vice President, Operations, moves to Senior Vice President, Special Projects. Pelano, an 11-year Best Buy veteran, will be focusing on strategic initiatives. 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 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. : Senior Vice President Mike Keskey: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb17 Allen Lenzmeier, Executive Vice President and CFO: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb17a Mike London: http://www.businesswire.com/cgi-bin/photo.cgi?pw.020501/bb17b |
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