President of Bebe stores resigns
Brisbane, Calif. — Women’s apparel retailer Bebe stores Inc. said Emilia Fabricant, president, has resigned from the company for personal reasons.
Her duties have been taken over by chairman and CEO Manny Mashouf and Renee Bell, the company’s head of merchandising. Fabricant joined the company in August 2010.
The company runs 246 stores under the Bebe and 2b Bebe names.
Best Buy names chief executive of Carlson as new CEO
Minneapolis — Best Buy Co. has named Hubert Joly, the former chief executive of global hospitality company Carlson, as the chain’s new CEO and president. Carlson, which operates such businesses as Radisson and T.G.I Friday’s, announced Sunday that Joly resigned from that company.
Joly, who is French, is expected to take over as CEO in early September when his visa is secured. In announcing the appointment, Best Buy described Joly as a “leading global CEO with expertise in turnaround and growth across the media, technology and service sectors.”
“Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy,” said Hatim Tyabji, chairman of the Best Buy Board. “Hubert’s range and depth of experience in transforming companies is exactly what the company needs at the moment, as is his energetic, imaginative and experienced leadership in executing strategies.”
Joly succeeds Mike Mikan, a board member who has served as interim CEO since April when former CEO Brian Dunn left Best Buy because of what the company called an improper relationship with a female employee.
The news about the appointment comes amid mounting drama between Best Buy’s board and the chain’s founder and former chairman, Richard Schulze, who wants to take the company private. On Sunday, Best Buy said its board had offered Schulze the opportunity to conduct “due diligence” on the company’s non-public financial information, but that Schulze had declined.
On Monday, Schulze said in a statement that he was “disappointed and surprised” by the abrupt termination of discussions.
“The board initially proposed an 18 month standstill, which was completely unacceptable in light of the fact that urgent change is needed at Best Buy and value is eroding further every day that change is not effected,” Schulze said. “… I am shocked by this course of action but as the largest shareholder of Best Buy, I remain hopeful that the board will engage in good faith discussions with us for the benefit of shareholders, employees and customers. Time is of the essence, and it is imperative that shareholders’ interests are not further jeopardized.”
Restoration Hardware co-CEO steps down amid allegations of personal improprieties
New York — According to multiple reports citing anonymous sources, Restoration Hardware chairman and co-CEO Gary Friedman has stepped down after an internal investigation into a relationship he had with a 26-year-old female employee.
Friedman was confronted with findings that he had had an intimate relationship with the employee, who has since left the company. To look into the matter, the board of directors formed a special investigative committee and brought in an outside law firm to conduct the inquiry.
Friedman, 54, was in the throes of leading the company through the preparation process for its initial public offering. He was previously president and COO of Williams-Sonoma. He is said to still be involved with the employee.
Restoration Hardware has publicly announced the management change, naming co-CEO Carlos Alberini as sole CEO, but has so far not given the reason for the reorganization.