Setting a Vision: Avoiding the Fog of Tomorrow
In September 2012, Best Buy brought in Hubert Joly as its new chief executive officer (CEO). He had been the CEO of Carlson, a global hospitality and travel company. At the time, it seemed as though Best Buy had lost its way. Best Buy had experienced a steady decline in sales with competition from Amazon and others. Shortly after Joly was brought into Best Buy their stock hit an all-time low of $10.91. Staff morale was low and many anticipated the worst. There was speculation that hiring Joly was a mistake.
Joly spent three months in the depths of the organization, working in stores, meeting customers, and understanding their needs. As a result, he reset Best Buy’s vision known as “Renew ...
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