Best Buy hires Joly as new chief exec

Best Buy Co. is confirming it has named Hubert Joly, the former chief executive of global hospitality company Carlson, as its new chief executive and president.

The announcement comes after the nation's largest electronics chain announced Sunday that its offer to advance talks with company co-founder Richard Schulze on his takeover bid was rejected.

Best Buy says Joly is expected to take over as chief executive in early September. Carlson, which operates such businesses as Radisson and T.G.I Friday's, announced Sunday that Joly resigned from that company.

Joly succeeds Mike Mikan, a board member who has served as interim chief executive since April when former CEO Brian Dunn left Best Buy because of what the company called an improper relationship with an employee.

Best Buy is based in Minneapolis.