Best Buy Co. Retail President Steps Down

The Associated Press ^ | Dec 7, 2004 | AP

[JustAnotherOkie]

MINNEAPOLIS (AP) - Best Buy Co. has lost another executive closely involved with its effort to focus on its most profitable customers.

Michael Keskey, president of Best Buy's U.S. retail stores, left the company for personal reasons after more than a decade, the company said in a regulatory filing on Tuesday. In September, executive vice president of customer segments Philip Schoonover left to become chief merchandising officer for Circuit City.

The two were Best Buy's top executives charged with carrying out Best Buy's "customer centricity" strategy, a program focused on identifying and targeting the most lucrative customers at Best Buy, the nation's largest consumer electronics retailer.

Chief executive Brad Anderson has strongly backed the strategy, although he and Keskey have both said they had initial doubts. Keskey even said he considered leaving the company after the idea was first floated.

Best Buy spokeswoman Sue Busch said the customer centricity strategy won't suffer from the losses of Keskey and Schoonover.

The company also announced that president and chief operating officer Allen Lenzmeier, 61, will add the title of vice chairman. The company said Lenzmeier plans to retire when its 2007 fiscal year begins, on Feb. 26, 2006.

Keskey's departure surprised Wall Street analysts, with one saying it adds "a bit of concern" to the important holiday shopping season.

"We're right at the end of the year, and the guy in charge of customer centricity decides to leave," said retail analyst Scot Ciccarelli of RBC Capital Markets in New York.

Best Buy shares closed down 54 cents at $55.85 on the New York Stock Exchange on Tuesday.

[JustAnotherOkie]

Good, Best Buy as become a nightmare to shop.

I hope they go tits up.

[Diana in Wisconsin]

"...left the company for personal reasons after more than a decade..."

There's GOT to be more to the story than this! Did President Bush appoint another cabinet position today and I missed it? LOL!

[TADSLOS]

They certainly don't live up to their name.

[jalisco555]

There's GOT to be more to the story than this!

Perhaps he wanted to spend more time with his family.

[Revolting cat!]

Must spend more time with the family!

[marty60]

Yeah, you build giant stores, then tell the $100 customers to shove it. I'll take a 100 $100 customers per day than one $1000 customer per week. What idiots.

[jalisco555]

Good, Best Buy as become a nightmare to shop.

The place to go if you enjoy rude service.

[jalisco555]

LOL! Two minds with a single thought.

[MarkeyD]

I'm interested in your experiences. Here in Boise it's my favorite place to go.

[BurbankKarl]

Oh, did they turn you down as a serial returner?

[dennisw]

I'm interested in your experiences. Here in Boise it's my favorite place to go......


I like them here in south Florida. Nothing but good experiences. Their computer area hums and so does the digital camera area

[PAR35]

That will teach him to ban Salvation Army from his stores. One down, several to go.

[marty60]

I have NEVER returned ANYTHING anywhere. I don't serial shop.

[dead]

I'm with you. I like Best Buy, mostly because they leave me alone when I shop there.

In other electronic stores, the workers give me about as much peace as a pack of hyenas give a limping wildebeast.

You kick one of them in the shins, and there's three more behind the next display lying in wait.

"Can I help you?"
"Yeah, by leaving me alone."
"What are you looking for today."
"Peace and quiet."
"What can I do for you?"
"You can go away."
"Have you seen our latest flyer?"

[TheBigB]

Same here. Their prices are often as low as Wal-Mart for premiere stuff or even lower. I always go there for DVDs and CDs. I've never had a bad experience at a BB.

[neal1960]

Not to mention, Best Buy is part of Household Bank. The horror stories I could tell about those loan sharks!

[Arkinsaw]

I used to buy all my stuff there. My most recent digital camera I bought from NewEgg.com and just bought from Dell.com

I am going more and more to online purchasing.

[swilhelm73]

Best Buy = crooks.

From my own personal experience I would strongly suggest NEVER buying an expensive item (well, or any item really) from Best Buy.

[Mike Bates]

Best Buy Wants Your Holiday Business — Maybe

[Final Authority]

They incentivise after-selling to the point where when I bought a computer I had to tell the saleswoman to get lost because she was overbearing. I needed a USB cable, she ran and got the most expensive one. I had to tell her before she rang it up that I did not want it. She rang up a $300 service policy which I told her I did not want. She proceeded to bring over the manager to give me a song and dance about how I will SOL when then box dies without it. Then she runs a gets a UPS that is about 3 times more than I would ever need. I told her I did not want it then the song and dance about how power surges will kill the box and without a service policy I will be SOL. Then to take advantage of the low prices one has to negotiate all the rebates. I think I had five rebate offers for one Sony computer. All different locations, different instructions, different due dates, and a whole lot of trouble. You need to be a book keeper to keep track of them.

If they want to keep me out of the stores now because I just price shop and compare specs now, it is fine with me.