Leadership changes took place at Best Buy today, as the company warned sales continue to fall.
The senior-most layer of the Richfield company's U.S. operation is being removed to create a leaner organization and improve agility.
The current president of Best Buy's U.S. business, Mike Vitelli, will retire in February. Executive Vice President of U.S. Operations Tim Sheehan will also retire, leaving the company at the end of October.
Hubert Joly, who took over as CEO last month, said Best Buy will be restructured to focus on two channels: online and retail. The company will be divided into three business groups: connectivity, home and services.
The struggling consumer electronics chain also forecast a third-quarter decline in revenue in stores open at least 14 months. The company warned net income will be down significantly for the third quarter, which ends Nov. 3.
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