Best Buy names tech executive to board
Best Buy names SunGard CEO Russell Fradin to board, effective immediately
MINNEAPOLIS (AP) -- Electronics retailer Best Buy Co. on Thursday named the CEO of software company SunGard to its board, effective immediately.
Shareholders will vote on Russell Fradin, 57, at the company's annual meeting in June.
Before becoming CEO of SunGard in 2011, Fradin was CEO of Aon Hewitt and oversaw the combination of Aon Consulting and Hewitt Associates in 2010.
Board Chairman Hatim Tyabji said Fradin's experience with operations, cost-cutting, executive compensation and strategic consulting will help Best Buy.
The Minneapolis-based electronics chain is in the midst of a turnaround plan to improve results under CEO Hubert Joly. It has introduced an online price-matching policy, given employees extra training, cut costs and revamped stores.
Current board member Ron James, president and CEO of the Center for Ethical Business Cultures, did not seek re-election to the board and will step down at the shareholder meeting.
Shares of Best Buy closed the regular trading day down 41 cents to $22.97, closer to the high end of the stock's 52-week trading range of $11.20 to $26.29.
