Best Buy CEO Hubert Joly

Best Buy (BBY) on Monday announced that former Carlson boss Hubert Joly will take over as chief executive officer beginning next month. The retail giant’s former CEO, Brian Dunn, stepped down without warning this past April after the big-box retailer hit a rough patch and said during its fourth-quarter earnings call that it would shutter 50 U.S. stores. Now, The Wall Street Journal reports that Joly will be Dunn’s permanent replacement beginning in September. Best Buy still has an $8.5 billion buyout bid on the table from founder and former CEO Richard Schulze, though he is reportedly planning to revise his offer in an effort to make it more attractive. Joly stepped down from his CEO role at Carlson, which owns global franchises including Radisson and TGI Friday’s, on Sunday and former CFO Trudy Rautio will take his place, according to the Journal.

UPDATE: Barron’s is reporting that Best Buy has formally rejected Schulze’s buyout offer. The former CEO said he was “disappointed and surprised” by the company’s announcement and noted that he “will continue to pursue my proposal which will provide compelling value for shareholders and create new opportunities for customers and a bright future for Best Buy employees.”