Best Buy Announces Brad Anderson Will Retire from Board of Directors, Claudia Fan Munce Appointed to Join Board

MINNEAPOLIS–(BUSINESS WIRE)–Best Buy Co., Inc. today announced that former CEO Brad Anderson will
retire from the Board of Directors and that the company has appointed
corporate venture capital leader Claudia Fan Munce to the Board,
effective March 14.

Anderson will serve the remainder of his term through the end of the
annual shareholder meeting on June 14. Munce will stand for election at
that time.

Anderson retires from the Board

Anderson started his second stint on the Board in March 2013. He
formerly worked at Best Buy for more than 35 years, serving as CEO
(2002-09) and president and chief operating officer (1991-2002). He also
served on the Board from 1986 to 2010.

Anderson, who first joined the company in 1973 as a salesman at a Sound
of Music store, played a key role in Best Buy’s expansion and
transformation during his tenure as an executive. As CEO, he oversaw a
period of rapid growth during which the company doubled in size to more
than 1,000 stores and $40 billion in annual revenue.

“I would like to thank Brad for his many years of dedicated service to
Best Buy and its shareholders,” Chairman and CEO Hubert Joly said. “His
knowledge of the company, its culture and its unique role in the
consumer electronics marketplace has been invaluable to me and the
executive team as we transformed this company. All of us will miss
having him on the Board, but we know he remains a passionate and loyal
supporter of the company he was so instrumental in building.”

Anderson said: “It has been a tremendous experience to rejoin the Board
and work with Hubert and his leadership team on what has been a
remarkable transformation of the company. I leave the Board with great
optimism for the future of Best Buy and will continue to be one of its
biggest fans.”

Munce appointed to the Board

Munce is a venture advisor at New Enterprise Associates (NEA), one of
the world’s largest and most active venture capital firms. She joined
NEA earlier this year after spending 30 years at IBM Corp. Most
recently, she was a founding member and managing director of IBM Venture
Capital Group and a vice president of IBM Corporate Development. In her
role, she formed strategic relationships with top venture capitalists in
Silicon Valley and around the globe to drive IBM’s growth in new markets
through partnerships and acquisitions.

“As a respected leader in the venture community, Claudia brings
extensive experience in identifying emerging technologies and helping
tech startups come to life,” Joly said. “We are honored to welcome her
to the Best Buy Board of Directors and look forward to the contributions
she is certain to make toward our strategic growth initiatives.”

“For the past 15 years, I’ve been on the front lines of innovation,
engaging with startups and VCs around the world, and I’m a big believer
that we are in an era of incredibly rapid innovation that is
transformative to the retail industry,” Munce said. “I hope to be able
to use my knowledge to help Best Buy find the intersection where
innovation can impact the company’s strategy.”

She added: “I believe Best Buy can lead the industry and totally
transform the customer experience. Even as someone with a master’s
degree in computer science, I still need technical support sometimes
because of the increasing complexity of technology. Best Buy is well
positioned to help consumers get through the complexity to leverage and
enjoy the incredible technology innovations happening today.”

Munce serves as a board member for Bank of the West, the National
Venture Capital Association and Global Corporate Venturing. She also has
served on the boards of many global venture capital organizations,
including the Latin American Venture Capital Association, Women in
Leadership in Private Equity (China), Canadian Innovation Exchange and
Savannah Fund (Africa).

Munce, 56, was born in Taiwan and grew up in Brazil. She holds a
master’s degree in computer science from the Santa Clara University
School of Engineering and a master’s degree in management from the
Stanford University Graduate School of Business.


Best Buy Co., Inc.
Investor Contact:
O’Brien, 612-291-7735

Jeff Shelman, 612-291-6114