Founder Schulze returns to Best Buy as chairman emeritus
Minneapolis — Shortly after abandoning buyout possibilities of his former company, Best Buy co-founder and former chairman Richard Schulze announced Monday that he is returning to the retailer as chairman emeritus.
Schulze, who is Best Buy’s largest shareholder, is nominating two former Best Buy executives to join him on the board: former CEO Brad Anderson and former COO Al Lenzmeier.
"My dedication to the company that I founded and love is unwavering and, together with [current CEO Hubert Joly] and the board, I determined that the best way to support Best Buy would be to return in support of the initiatives underway,” said Shulze. "At the same time, it is a great privilege to nominate to the board two long-time colleagues, Brad Anderson and Al Lenzmeier, who helped build Best Buy into what it is today and will continue adding great value in their new role."
Schulze resigned as chairman last May and left the board in June after Best Buy’s internal investigation uncovered that he was aware of then-CEO Brian Dunn’s relationship with a female staffer.
Promotions announced at Wayfair.com
BOSTON — Wayfair.com, an online retailer of home products and furnishings, announced five executive leadership promotions Monday.
Ed Macri was named SVP business intelligence and marketing, and John Mulliken was named SVP strategic initiatives. Additional executive promotions include Dave Raymond to VP operations process improvement, Laura Scott to VP supplier operations and Jeff Steeves to VP arketing.
"All five of these talented leaders have been instrumental in driving Wayfair.com’s rapid growth trajectory to become the number one retailer in home goods," said Niraj Shah, CEO and co-founder of Wayfair.com. "We are excited to build upon their continued success and expertise as we expand our leadership position in the home space and deliver an unparalleled shopping experience to our customers."
Macri launched the business intelligence group at Wayfair.com six years ago and now drives business intelligence and direct marketing for all three Wayfair.com brands globally. Prior to joining Wayfair.com in 2007, Macri held management roles at IBM, Digitas and Bain & Company.
Mulliken, who oversees strategic initiatives at Wayfair.com is also the co-founder and general manager of Joss & Main, Wayfair.com’s private sale site for the home. Since the launch of Joss & Main, just over two years ago, Mulliken has grown the flash sale business to more than 3 million members. Before joining Wayfair.com in 2010, Mulliken was a principal and executive leader with The Boston Consulting Group.
Raymond, Scott, and Steeves all joined Wayfair.com in the fall of 2009. Over the past four years, Raymond has played a pivotal role in improving company-wide processes and site merchandising. Scott joined the company to head up the newly formed Supplier Operations function and has spearheaded all fulfillment initiatives for the company. Steeves has played a key role in driving customer acquisition and retention.
Limited Brands temporarily changes name to L Brands
New York — A Monday report by Reuters said that Limited Brands has temporarily changed its name to L Brands Inc. The report cited a Friday regulatory filing.
The operator of Victoria’s Secret and Henri Bendel is implementing a pre-planned transition process that was required after the 2010 sale of Limited Stores, LLC.
The company is expected to announce a new permanent name in the coming months.