Best Buy Announces Retirement of Board Chairman J. Patrick Doyle, Appoints David Kenny

Rhea-AI Summary

Best Buy Co., Inc. (NYSE: BBY) announced the retirement of current Board Chairman J. Patrick Doyle, effective June 12, 2024. David Kenny will succeed Doyle as chairman, bringing extensive experience from Nielsen. Kenny has been a pivotal member of the Board for over a decade, contributing to Best Buy's growth.

MINNEAPOLIS--(BUSINESS WIRE)-- Best Buy Co., Inc. (NYSE: BBY) announced today that current Board Chairman, J. Patrick Doyle, will retire from his position, effective as of the expiration of his annual term on June 12, 2024. Doyle has served on Best Buy’s Board of Directors since 2014 and has been chairman since 2020.

David Kenny will succeed Doyle and will take on the chairman role, effective as of Doyle’s retirement. Kenny is the executive chairman of Nielsen and has been on the Best Buy Board since 2013. For more than 10 years, Kenny has been an integral member of the Board and has provided thoughtful guidance that has contributed to the growth of Best Buy.

“It’s been an honor to serve as chairman on the Best Buy Board and I am thankful to have had the opportunity to be surrounded by so many other great leaders over the past 10 years,” Doyle said. “I’m also incredibly optimistic about the future of Best Buy and I know the Board, under David’s leadership, will help guide the company to continued success.”

“The leadership at Best Buy, both within the company and on the Board, continues to prove why this organization is viewed as a leader in the retail industry,” Kenny said. “I couldn’t be more appreciative of Patrick’s guidance and I am looking forward to taking on the chairman role.”

“I am forever grateful for the leadership and steady voice Patrick has brought to our Board of Directors over the past decade, as well as the invaluable expertise he has provided our organization and the guidance he has given me,” said Corie Barry, CEO of Best Buy. “I’m genuinely excited about what lies ahead for us while we find ways to better serve our customers as the industry returns to growth. I know David is the best leader to help us with this work.”

In addition to a new chairman of the Board, Best Buy also announced that Eugene A. Woods will retire from his position on the board, effective as of the expiration of his annual term on June 12, 2024. Woods has been on the Board since 2018, currently serves as the CEO of Advocate Health and is a member of the Board of Directors at Johnson & Johnson. Throughout his time on the Best Buy Board, Woods has lent his extensive background in the health industry as well as strong business acumen to further Best Buy’s purpose of enriching lives through technology.

About Best Buy Co., Inc.

Best Buy (NYSE: BBY) is the world’s largest specialty consumer electronics retailer. Our purpose is to enrich lives through technology, which we do by providing our customers a unique mix of advice, products and services in our stores, online, and in homes. Our expert associates advise customers on our curated assortment of the latest, name-brand technology, while our highly trained services teams help with designs, consultations, delivery, installation, tech support and repair. We are a leader in environmental, social and governance issues, including through the Best Buy Foundation’s nationwide Best Buy Teen Tech Center® network and the significant role we play in the circular economy through repair, trade-in and recycling programs. We generated more than $43 billion of revenue in fiscal 2024, operate more than 1,000 retail stores in North America, and have more than 85,000 employees. For more information, visit corporate.bestbuy.com and investors.bestbuy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307236779/en/

PR Contact:

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IR Contact:

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Source: Best Buy Co., Inc.

When will J. Patrick Doyle retire from his position as Board Chairman at Best Buy?

J. Patrick Doyle will retire from his position as Board Chairman at Best Buy effective June 12, 2024.

Who will succeed J. Patrick Doyle as the Chairman of Best Buy?

David Kenny will succeed J. Patrick Doyle as the Chairman of Best Buy.

What is David Kenny's current role and experience?

David Kenny is the executive chairman of Nielsen and has been a member of the Best Buy Board since 2013.

How long has David Kenny been a part of the Best Buy Board?

David Kenny has been a member of the Best Buy Board for over 10 years.

What did J. Patrick Doyle mention about his tenure at Best Buy?

J. Patrick Doyle expressed gratitude for the opportunity to serve as chairman on the Best Buy Board and highlighted the exceptional leadership within the company over the past 10 years.