6 Things Best Buy's CEO Wants Investors to Know

A few years ago it seemed like Best Buy (NYSE: BBY) would be one of the casualties of the so-called "Retail Apocalypse." The chain had slumping sales, management questions, and customers were using it to look at purchases they later made with other retailers online.

Enter Hubert Joly in August 2012. The hiring of the former CEO of Carlson, a company in the hotel and restaurant space, was widely questioned. It turned out to be exactly what the retailer needed. Joly brought in "Renew Blue," a methodical plan designed to cut expenses, refocus the chain's stores, diversify revenue, and to paraphrase the CEO, to fix what was broken.

That phase has passed. Now the company has moved on to "Best Buy 2020: Building the New Blue." Joly and other executives discussed those next steps at its annual investors' day Sept. 19.

Source: Fool.com