Best Buy Chairman Hatim Tyabji Retiring

(RTTNews) - Consumer electronics retailer Best Buy Co., Inc. (BBY) said Monday that Board Chairman Hatim Tyabji is retiring from the company's Board effective June 9.

Tyabji has been a Board member since 1998 and chairman of the Best Buy Board of Directors since 2012.

Best Buy President and CEO, Hubert Joly, will succeed Tyabji and take on the additional role of Board chairman.

Russell Fradin, President and CEO of SunGard and a Best Buy Board member since April 2013, will serve as Lead Independent Director. Fradin will assume the role of Lead Independent Director upon Joly's appointment as Board chairman on June 9.

The company also announced the retirement of directors Sanjay Khosla and Allen Lenzmeier, effective June 9.