Best Buy Chairman Hatim Tyabji To Retire

Best Buy Inc.'s stock tacked on 0.8% in after-hours trade Monday, after the consumer electronics retailer said its chairman of the board, Hatim Tyabji, will retire on June 9 after three years in the role, and 17 years as a director. Best Buy Chief Executive Officer Hubert Joly will take on the additional role of Chairman when Tyabji retires. The company said Russell Fradin, CEO of SunGard, will be lead independent director. "I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation," Tyabji said. The stock has lost 1.6% year to date, compared with a 1.6% gain in the S&P 500.

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