Best Buy founder Richard Schulze recently expressed an interest in buying out the company. In a letter to the Best Buy board of directors, Schulze offered to pay $26 per share, which would value the entire company at up to $8.84 billion. The company has reacted cautiously.
Being confronted with such starkly divergent paths can leave executives unsure of how to proceed. Best Buy has clearly decided to keep its powder dry for the time being and has sought to prevent Schulze from making any furtive moves that could prove disruptive for the struggling electronics company.
Business leaders need access to concrete information in order to make the best decisions regarding specific opportunities. Working with a financial project consulting service can help companies assess their options and do what is best for their long-term outlook.
Of course, sometimes what a company needs is simply new leadership. Best Buy, keeping its distance from Schulze and his buyout offer, recently named Hubert Joly as its new CEO.
Previously, Joly ran Radisson Hotels and Country Inns & Suites as CEO of hospitality company Carlson. He also oversaw corporate turnarounds at Vivendi and Electronic Data Systems.
“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” Hatim Tyabji, chairman of Best Buy’s board, said in a statement. “Hubert’s range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies.”
With his experience turning around large companies, Joly is well suited to lead Best Buy in its current situation. Businesses that are looking to connect with high-caliber professionals can benefit from partnering with corporate recruiters to successfully conduct an executive or financial professional search.