Best Buy's Curious and Controversial CEO Move
In late May, I wrote an article called Best Buy May Have Already Found Its New CEO. I argued that it "needs to think like a tech company" and lauded its March decision to name Stephen Gillett, formerly the chief information officer and head of digital ventures at Starbucks(SBUX) , as president of Best Buy Digital and Global Business Services.
Best Buy continues to pile duties on to Gillett's plate. Why then wouldn't the company elevate the man who essentially operates as COO to the CEO slot?
Like Mayer, Gillett is under 40. He's not a retail lifer from the Midwest. He cut his teeth in Silicon Valley and drove mobile strategy at Starbucks for the last four years, laying the groundwork for the company's recent landmark mobile payments deal with Square.
Pause there for a second because it's the pivotal point that makes it appear as if Best Buy erred by passing up Gillett and giving the job, seemingly out of nowhere, to Hubert Joly, who ran privately-held Carlson Cos. Joly is 53 and, by all accounts, not tech- or mobile-savvy in the slightest. On the surface, he seems like the last person Best Buy should have turned to.
Every analyst in the world seems to think Best Buy should have named somebody with more retail experience as CEO. That's absurd. People with "more retail experience" deserve all of the blame for the mess Best Buy is in.