ESL Investments Inc., the hedge fund run by Edward Lampert, named former Best Buy Co. interim chief executive officer G. Mike Mikan as president.
Mikan, whose appointment is effective Jan. 1, will report to Lampert, the firm said today in a statement. Mikan served as interim CEO at Best Buy from April to September and had been on the company’s board since 2008, according to the statement. Mikan has resigned from Best Buy’s board, the Richfield, Minnesota-based consumer-electronics retailer said today in a regulatory filing (BBY:US).
“Mike’s background fits with our strategy and he will be a great asset to me and to ESL’s portfolio companies,” Lampert, whose firm controls retailer Sears Holdings Corp. (SHLD:US), said in the statement.
At Best Buy, Mikan had succeeded Brian Dunn, who resigned after a board investigation found he had an inappropriate relationship with a female employee.
Best Buy advanced 5 percent to $11.85 at the close in New York. The shares slumped 49 percent this year.
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