Best Buy Canada seeks new president

Best Buy Canada confirmed with Business in Vancouver February 19 that it is seeking a new president and COO.

Best Buy Canada confirmed with Business in Vancouver February 19 that it is seeking a new president and COO.

The current president, 43-year-old Mike Pratt, is slated to step down in March but was not available for comment.

“Mike has spent more than 24 years with the organization and has been key in driving our growth and expansion in Canada,” executive vice president and president of Best Buy International Shari Ballard told BIV. “We thank him for his many contributions and wish him the best in the future.”

Best Buy Canada announced plans last month to close eight Future Shop-branded stores and seven Best Buy-branded stores and lay off about 900 employees, or about 5% of its workforce.

Best Buy Canada told BIV last year that it employs 19,944 staff, including 4,042 in B.C., and that its sales totalled more than $5.6 billion in 2010.

That’s enough to rank as B.C.'s second-largest private company, given that Best Buy Co. Inc. (NYSE:BBY) owns it as a subsidiary.

Best Buy Co. Inc. has watched its stock tumble from more than US$48 in early 2010 to $17.33 on February 19.

Best Buy Co.'s relatively new CEO, Hubert Joly, is a former CEO of the Carlson travel company and a turnaround expert, but has no prior experience at a retail venture.

gkorstrom@biv.com

@GlenKorstrom

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