Best Buy board appoints CEO search committee

Best Buy Co. Inc., Minneapolis, Minn., announced the membership of its CEO search committee. The committee will oversee a global search process to identify internal and external candidates, including current interim CEO Mike Mikan, who will bring new leadership to the company.

As part of a commitment to transparency, the board will publicly announce the selected search firm and will post the position on the company website. The final search firm selection will be announced in the next few weeks.

Kathy J. Higgins Victor, who also serves as chairwoman of the Nominating, Corporate Governance and Public Policy Committee and a member of the Compensation and Human Resources Committee, will chair the search committee.

Yesterday, during a regularly scheduled quarterly board meeting, additional search committee members were confirmed:

Lisa Caputo, member of the Nominating, Corporate Governance and Public Policy Committee and the Global Strategy Committee;

Ronald James, chair of the Compensation and Human Resources Committee and member of the Finance and Investment Policy Committee; and

Sanjay Khosla, chair of the Global Strategy Committee and member of the Nominating, Corporate Governance and Public Policy Committee.

Additionally, the board accepted the resignation of director Rogelio M. Rebolledo, who became a director in August of 2006. The company  say this is a routine membership change in accordance with Best Buy’s Corporate Governance Principles, which require non-management directors to retire five years after having ceased to pursue the primary career they were pursuing at the time they were first appointed to the Board.