Hubert Joly

Former Best Buy CEO Hubert Joly: Empowering Workers to Create ‘Magic’

Hubert Joly, former CEO and chair of Best Buy, says people are not a resource, they are the creative engine of innovation and change that companies urgently need. HBR editor in chief Adi Ignatius sat down with Joly, author of The Heart of Business: Leadership Principles for the Next Era of Capitalism, in the fifth episode of our new video series “The New World of Work,” to talk about:

Best Buy’s Hubert Joly on Walking the Talk of Stakeholder Capitalism

A conversation about leading with humanity in business’s next era. Hubert Joly, former chairman and CEO of Best Buy, says that now is the time for companies to get serious about operating to benefit not just shareholders but also employees, customers and broader society. In the face of environmental crisis, racial turmoil, and rising economic inequality, he argues that leaders shouldn’t debate whether or when to embrace this new version of capitalism. They should focus on how to do it. He says this starts with having a clear purpose and ensuring that everyone in the organization connects with it and one another. It also involves offering fair pay and opportunities for advancement and working with, not against, consumers, the community, the competition. He shares how these strategies helped turn Best Buy around despite the rise of Amazon. Joly is the author of the book The Heart of Business: Leadership Principles for the Next Era of Capitalism and the HBR article “How to Lead in the Stakeholder Era.”
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Former Best Buy Chief Hubert Joly’s 10 Keys To CEO Transition

One of the things I’m proudest of in my career is the highly successful CEO transition we were able to orchestrate when I stepped down as CEO of Best Buy. It happened smoothly, without the company missing a beat. My successor Corie Barry was able to forge ahead, accelerate the company’s growth strategy, and effectively deal with the pandemic—one of the most challenging, most multi-facetted crises the world has ever experienced—just nine months into her tenure.
Retail Wire

Hubert Joly says ‘human connection’ laid the foundation of Best Buy’s turnaround

Best Buy looked like a retail chain on its way out of business in the early 2010s. Under the guidance of then-CEO Hubert Joly, however, the retailer turned its fortunes around in impressive fashion. These days Mr. Joly attributes the company’s near unprecedented return to customers’ good graces as a result of creating a new focus on the human connection.

Former Best Buy CEO Hubert Joly: 'Business must lead in new ways'

One of Minnesota's most prominent business leaders says business should be about pursuing a noble purpose — unleashing human magic — and treating profits as an outcome, but not a goal. Hubert Joly was the chairman and CEO of Best Buy and he's out with a new book this week,...

Best Buy savior Hubert Joly details a new approach to leadership

Hubert Joly is one of my business heroes. Best Buy had been given up for dead when he took over as CEO in 2012. Who needed a giant electronics store in the age of e-commerce? In a new book out today—The Heart of Business—Joly says that on day one, he addressed his 500 directors and officers and told them: “The purpose of a company is not to make money, but to make a positive contribution in people’s lives.” I can imagine one thousand eyes rolling.

Hubert Joly: ‘The Whole Milton Friedman Thing Is Dead’

Hubert Joly left Best Buy in 2020 as executive chairman, a year after he completed a highly successful turnaround of the Minneapolis-based tech, electronics and appliance retailer as its chairman and CEO. Now, the board member of Johnson & Johnson and Ralph Lauren is a senior lecturer at Harvard Business...