Best Buy says Tyabji will retire; President and CEO Joly will also take title of chairman

MarketsAssociated Press

Electronics retailer Best Buy says Chairman Hatim Tyabji will retire June 9, and President and CEO Hubert Joly will become its chairman.

Tyabji has been the company's chairman since June 2012 and has been a board member since 1998. Joly has been president and CEO of Best Buy since September 2012.

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The Minneapolis company said Monday Russell Fradin will become its lead independent director.

Best Buy Co. says Sanjay Khosla and Allen Lenzmeier are also retiring as directors, as it has added four new board members in the last two years.