Best Buy Taps Hubert Joly as CEO

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Struggling retailer Best Buy Co, which is engaged in a takeover battle with founder Richard Schulze, has chosen a new chief executive to lead the company, the Wall Street Journal reported on Monday.

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The company has chosen Hubert Joly, former CEO of privately held hospitality and travel company Carlson, to replace Best Buy's interim chief executive, Mike Mikan, the Journal said.

Carlson declined to comment on the story.

Best Buy officials were not available for comment outside regular business hours.

Richard Schulze, the 71-year-old former chairman of Best Buy, said in a letter to the board earlier this month that he was interested in teaming up with private equity partners to buy the company for $24 to $26 per share. (Reporting by Siddharth Cavale; Editing by Matt Driskill)