As the CEO of Best Buy Co., Inc., Brian Dunn, has retired, the company has started its search for the new executive leader for its workforce. The company greatly emphasizes on a clear and transparent search and selection process for the CEO and therefore a board committee has been given the responsibility to carry out the whole procedure. The company is primarily looking for good corporate governance abilities in the new CEO in order to have the best person lead as well as maintain the reputation of their organization.
The search committee comprises Kathy J. Higgins Victor as the chairperson and Lisa Caputo, Ronald James and Sanjay Khosla as the members. All the members are serving at senior positions in the company and possess the experience and capability to make decisions in the best interest of the company.
Best Buy has also announced to disclose the company that would conduct the CEO search process to bring in the right person for the job. The search would be extended globally and the candidates would be selected on merit. The new CEO might be from the company’s already existing top management or from outside.
Presently, Mike Mikan is serving as the interim CEO for the company. He is going to perform his role as the CEO till any final selection is made. The selection process might take a relatively longer duration.
It is very important for any company to maintain its position in terms of good corporate governance because of the tough competition in the market. A company’s good reputation makes it the first choice for the top workforce. If a company is perceived as a good employer only then top talent would want to work for it. The employees and the leadership are backbone of any business. Image as a good employer is very important for the long-term success of any organization.