Best Buy 's Top Three Executives

1524 Words Jan 14th, 2016 7 Pages
Best Buy’s top three executives are Hubert Joly as the Chairman and Chief Executive Officer, Sharon McCollam as the company’s Chief Administrative Officer and Chief Financial Officer, and Shari Ballard as President, U.S. Retail and Chief Human Resources Officer. Best Buy was founded in 1966 by the founder Richard M. Schulze. During its first year of opening Best Buy had earned a sales reach of $173,000 dollars. Four years after it opened Schulze decided to partner and expand his company to new heights; his product line, however, had only been limited to audio products, but that only lasted until the 1980s. Schulze had gotten the idea to open the store to other products after he went to a seminar, where he was able to view different possibilities of how his store could expand and become an enterprise. His first step was to open and expand the music business and after he did, he was able to view his sales skyrocket within the first two years. He earned $9.3 million dollars and the following year he renamed his company to Best Buy and became more of a customer based store and gained high ratings from customers. Then, in 1984, Schulze took another major risk in the store by introducing the superstore format and he quickly captured 42% of the local market. When he first opened up there was only eight store in the Midwest, but by 1987 those numbers had tripled and sales for each store earned him up to $239 million dollars. Of course Best buy, at this point in time, also had…

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