Best Buy marketing chief calls it quits
The future of the consumer electronics chain seems uncertain after the rapid departures of the CEO and chief marketing officer.
The executive exodus at Best Buy (BBY) continued this week with the resignation of its chief marketing officer, Barry Judge. He had perhaps the most thankless job in retail, especially after one of the worst years in the history of the electronics chain.
Spokesman Greg Hitt said that Judge is leaving "to explore the next chapter in his career." He will be succeeded, at least temporarily, by Stephen Gillett, who only joined the company in March to lead the digital and global business.
Judge's departure comes nearly a month after the controversial and sudden resignation of CEO Brian Dunn. The company is investigating whether Dunn improperly used company funds while in a relationship with a female subordinate. Four members of the board are leading the search for a replacement.
Judge joined Best Buy in 1999 and played a big part in launching BestBuy.com. But the website has been battered by rival Amazon (AMZN); a recent study found that on average, Best Buy's online prices are 4.2% higher than Amazon's.
Best Buy shares fell more than 2% in afternoon trading Thursday to $21.60.
There can be fewer stressful and unpleasant retail environments to work in than that of Best Buy. Will there be more empty seats in the executive suites?
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I worked for 3 1/2 years at Best buy, after I lost a $200K job as a Sales Director for a large vacation group. We had 3 and i was the new guy after the recession hit.
Best Buy makes money on service plans and accessories. That's about it. We did price match Amazon in my store. It was on a case by case basis though. I'd get a call from the floor and I'd check our Employee Discount. If we made money, we'd let it go through.
I quit Best buy because B & M Electronics Stores are OVER.
$1 profit is better than $0 profit best buy. Start price matching Amazon so customers stop vieweing items in your store then buying online at Amazon and waiting for them to come in.
I have frequently gone into Best Buy and asked to match the Amazon price and I would buy then and there and I was told we won't do that. So the $75 profit on the $650 stereo wasnt good enough for your store but Amazon was happy to accept it. And they did. Yes Best buy has higher overhead costs but if you sell more goods you will easily make up for the lower markups.
5 sales at $10 profit = $50 profit which is better than 1 sale at $35 profit right?
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