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5 CEOs That Play to the Cheap Seats

Where their products are concerned, these 'chief evangelists' lead by example

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5 CEOs That Play to the Cheap Seats

Hubert Joly, Best Buy CEO

HubertJoly185 5 CEOs That Play to the Cheap SeatsCEO Since: 2012

It has been a tough couple of years for Best Buy (BBY), which has seen its sales gutted by e-tailers like Amazon (AMZN). BBY shares plummeted after former CEO Brian Dunn left amid allegations of an improper relationship with a female employee; Chairman Richard Schulze’s attempt to take the consumer electronics firm private short-circuited.

Enter Joly, whose reputation as a turnaround artist was on display at Vivendi Universal Games and in the French unit of what is now Hewlett-Packard’s (HPQ) EDS.

But Joly didn’t simply settle in at the top: he donned a blue shirt, hit the sales floor at BBY’s stores in Minnesota and started learning the retail business from the ground up.

His strategic about-face to embrace the big-box stores as a strength and to cut partnership deals with Microsoft (MSFT) and Samsung (SSNLF) for product boutiques inside the stores has stemmed the erosion in same-store sales. However, investors likely were less impressed when Joly sold some $17 million in BBY stock this week to help pay for his divorce.

Article printed from InvestorPlace Media,

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