Best Buy Announces Brad Anderson Will Retire from Board of Directors, Claudia Fan Munce Appointed to Join Board
March 15, 2016
MINNEAPOLIS -(BUSINESS WIRE)- Best Buy Co., Inc. today announced that former CEO Brad Anderson will retire from the Board of Directors and that the company has appointed corporate venture capital leader Claudia Fan Munce to the Board, effective March 14 . Anderson will serve the remainder of his term through the end of the annual shareholder meeting on June 14 . Munce will stand for election at that time. Anderson retires from the Board Anderson started his second stint on the Board in March 2013 . He formerly worked at Best Buy for more than 35 years, serving as CEO (2002-09) and president and chief operating officer (1991-2002). He also served on the Board from 1986 to 2010. Anderson, who first joined the company in 1973 as a salesman at a Sound of Music store, played a key role in Best Buy’s expansion and transformation during his tenure as an executive. As CEO, he oversaw a period of rapid growth during which the company doubled in size to more than 1,000 stores and $40 billion in...
Best Buy Announces Capital Return to Shareholders
February 25, 2016
22% Increase in Quarterly Dividend to $0.28 per Share New $1 Billion Share Repurchase Program over Two Years Special Dividend of $0.45 per Share or Approximately $145 Million Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors authorized a plan to return excess capital to shareholders as follows: A 22% increase in the regular quarterly dividend to $0.28 per share, effective immediately; A new $1 billion share repurchase plan expected to be completed over the next two years; and A special dividend of $0.45 per share, or approximately $145 million ; related to the net after-tax proceeds from certain legal settlements and asset disposals. This plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics. As it...