Best Buy names search committee to replace former CEO Brian Dunn

RICHFIELD, Minn., Fri Apr 20, 2012  – Best Buy Co. Inc. on Friday named the board members that will search for the electronics retailer’s next chief executive.

Kathy Higgins Victor, who is also on the retailer’s compensation and human resources committee, will chair the search committee. Board members Lisa Caputo, Ronald James and Sanjay Khosla will also be on the search committee.

The company said it will announce which executive search firm it retains in the next few weeks.

Best Buy’s board last week said it expected to take six to nine months to find a permanent replacement for CEO Brian Dunn, who resigned abruptly last week. Mike Mikan was named interim CEO when Dunn abruptly resigned amid a probe into allegations of personal misconduct.

Ford begins search for post-Mulally CEO: source

DETROIT ― Ford Motor Co. has begun considering successors for Alan Mulally, the chief executive credited with turning around the No. 2 U.S. automaker over the past five years, according to a person with knowledge of the matter.

Ford executives Mark Fields, Jim Farley and Joe Hinrichs have been seen as potential internal candidates to succeed Mulally when he retires. Executive Chairman Bill Ford has repeatedly said he wants the next CEO to come from within Ford’s executive ranks.

Earlier this month, Ford executives met with Phil Martens, chief executive of aluminum products maker Novelis, as part of an early-stage process of looking at external options, said the source, who declined to be named because the process is private and preliminary. Novelis is the U.S. unit of India’s largest aluminum producer HindalCo Industries Ltd.

Ford spokeswoman Karen Hampton said Ford does not have a search underway for a successor to Mulally.

Martens declined to address any meeting, saying: “I’m sure Ford Motor Company will do what’s best for Ford.”

Identifying Mulally’s successor is crucial for Ford because the 66-year-old executive is so closely identified with the company’s success and its avoidance of the federal bailouts that rescued its U.S. competitors.

Mulally joined Ford in 2006 from airplane maker Boeing and is credited with steering the automaker back from brink of bankruptcy with $23 billion in borrowing and a plan, dubbed “One Ford,” to simplify and unify product development and supplies.

The Wall Street Journal, which first reported the CEO search, cited unnamed sources saying Mulally was expected to retire within two years. Bill Ford has said he wants Mulally to remain on the job for as long as he is willing.

The newspaper also identified Hyundai Motor Co North American chief John Krafcik as an external candidate. Krafcik could not be reached to comment.

Martens and Krafcik previously worked at Ford.