MINNEAPOLIS (AP) -- Best Buy Co. Inc., fresh off a disappointing holiday season, is shaking up the responsibilities of two long-time executives.
The Minneapolis company said on Monday that Shari Ballard and Mike Vitelli, who had both been president of Best Buy's domestic business, will take on separate jobs. Ballard, who joined Best Buy in 1993 as an assistant store manager, was named president of the international business, which includes stakes in China, Canada, Mexico and Europe. Vitelli, who joined Best Buy in 2004 after 23 years at Sony Electronics, will continue to lead the U.S. business.
CEO Brian Dunn said the changes would "accelerate the pace of our company's transformation" and improve returns for shareholders. The stock has dropped 32 percent in the past 52 weeks.
Like other retailers, Best Buy is trying to stay competitive in a world of online stores offering cut-rate prices. But this holiday season, a critical time for retailers, was particularly disappointing for the electronics store. A key retail revenue figure slipped 1.2 percent during the month of December, both internationally and in the U.S., and Dunn acknowledged that store traffic was lower than expected the week before Christmas.
Best Buy's reputation also suffered after it was unable to fill some customers' online orders in time for Christmas. The company said that one of Vitelli's key jobs will be "creating a seamless customer experience across all channels."
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