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Press release from Business Wire

Best Buy Board Appoints CEO Search Committee

Friday, April 20, 2012

Best Buy Board Appoints CEO Search Committee09:23 EDT Friday, April 20, 2012 MINNEAPOLIS (Business Wire) -- In keeping with its commitment to run an open and transparent search process, the board of directors of Best Buy Co., Inc. (NYSE:BBY) is announcing the membership of a CEO search committee. The committee will oversee a global search process to identify internal and external candidates, including current interim CEO Mike Mikan, who will bring new leadership to the company. As part of that commitment to transparency, the board will also publicly announce the selected search firm and will post the position on the company website. The final search firm selection will be announced in the next few weeks. Kathy J. Higgins Victor, who also serves as chairwoman of the Nominating, Corporate Governance and Public Policy Committee and a member of the Compensation and Human Resources Committee, will chair the search committee. Yesterday, during a regularly scheduled quarterly board meeting, additional search committee members were confirmed: Lisa Caputo, member of the Nominating, Corporate Governance and Public Policy Committee and the Global Strategy Committee; Ronald James, chair of the Compensation and Human Resources Committee and member of the Finance and Investment Policy Committee; and Sanjay Khosla, chair of the Global Strategy Committee and member of the Nominating, Corporate Governance and Public Policy Committee. Additionally, the board accepted the resignation of director Rogelio M. Rebolledo and is filing an associated Form 8-K. Rebolledo became a director in August of 2006. In 2007, he retired from his position as chairman of PBG Mexico, the Mexican operations of The Pepsi Bottling Group, Inc. This is a routine membership change in accordance with Best Buy's Corporate Governance Principles, which require non-management directors to retire five years after having ceased to pursue the primary career they were pursuing at the time they were first appointed to the Board. Rebolledo will retire as a director of the Board at the end of his term on June 20, 2012 and will not stand for re-election at the Regular Meeting of Shareholders on June 21, 2012. “Rogelio has been an invaluable member of the Best Buy Board, and he will be greatly missed,” said Lead Independent Director Matthew Paull. “His global experience and insight helped guide the company. It is with great appreciation that we offer him our thanks and our best wishes.” About Best Buy Co., Inc. Best Buy Co., Inc. (NYSE: BBY) is a leading multi-channel global retailer and developer of technology products and services. Every day our employees - 167,000 strong - are committed to helping deliver the technology solutions that enable easy access to people, knowledge, ideas and fun. We are keenly aware of our role and impact on the world, and we are committed to developing and implementing business strategies that bring sustainable technology solutions to our consumers and communities. For information about Best Buy, visit www.bby.com and to shop at Best Buy, visit www.bestbuy.com. Best Buy Co., Inc.Media Contacts:Greg Hitt, 202-669-1216Greg.Hitt@hkstrategies.comorRon Hutcheson, 202-425-2304Ron.Hutcheson@hkstrategies.comorInvestor Contacts:Bill Seymour,612-291-6122bill.seymour@bestbuy.com