This is a pretty important piece of financial news, at least to people involved in the CE industry.
Me, I just enjoyed employing this snarky expression:
"As you can imagine, Best Buy’s plan to build not one but two capital funds requires recruitment beyond an ad on Monster.com and is not suited for the kind of in-house personnel development you’d use to produce General Managers or Category Buyers out of the rank-and-file staff."
5 comments:
Since geek squad is taken...what will we call the former employees from BS who latch on at BB with their MBAs to do LBOs and make PE investments?
That's an excellent question, Charles.
Venture Muppets?
Investment Squad?
Geek Capital?
Incidentally, Readers might be interested to know that when I said “While the big-box retailer has not responded to multiple requests for comment from CE Pro” what I really meant was “the regular PR guys at Best Buy I spoke to had no clue what I was talking about, and referred me to Investor Relations, none of whom could be bothered to return my phone calls.” The PR guys were mystified, which tells me that the Muppets in the C-suite hadn’t given them any direction on how to spin the story.
Interpret that however you will.
Now that is seriously remiss of them. Or maybe they don't have a clue about what they are doing themselves. Unless this effort started several years ago, they appear to have a tin ear for finance. If it did start several years ago, someone should explain to them about the concept of acting as if they are aware of circumstances. Surely this thing would have been stoppable, without loss of too much face?
This is a classic case of the HR dept (who posts the jobs) not being aware of the PR implications of what they do. And the PR dept being clueless about the fact the job postings are a serious source of news.
If I ran BBY, I guess I'd get them talking to each other...
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