Best Buy Promotes New Vice Presidents; VPs of Computers and Music, Movies and Car Stereo Named

Business Wire, Nov 16, 2001

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 16, 2001

Best Buy Co., Inc. (NYSE:BBY) today announced the promotion of two employees, Michael Scharff has been promoted to Vice President of Computers and Randy Wick to Vice President of Music, Movies and Car Stereo. In his new position, Scharff will be responsible for the merchandising functions for desktop and notebook computers as well as PDA's and monitors. Wick will be responsible for all merchandising functions from buying product to the strategic marketing initiatives of the entertainment area.

"Both Michael and Randy are prime examples of the wealth of resources found in Best Buy's employees. Their commitment and goals are consistent with the vision and values of the Company," said Al Lenzmeier, President of Best Buy Retail Stores. "Each have made major contributions to Best Buy's record performance over the past several years, and are committed to leading our Company to World Class performance."

Since joining Best Buy in January of 2000, Scharff has held a number of positions in consumer electronics including director of consumer electronics for the fully-owned subsidiary BestBuy.com, and merchandise manager of desktop computers for Best Buy retail prior to his promotion. He began his career in retail merchandising with the Good Guys where he spent 15 years in various positions including merchandise manager and director of merchandising. Scharff is a native of New York and Florida, and attended the University of Iowa.

Wick came to Best Buy after spending 10 years with Fretter Appliances holding multiple positions in his tenure from district sales manager, senior merchandise manager of audio to director of stores and new concepts. Joining Best Buy in 1996, Wick held the position of merchandise manager of major appliances then of home audio, general audio and mobile electronics prior to his promotion. Wick, a native of Duluth, Minn., is a graduate of University of Wisconsin in Superior.

About Best Buy Co., Inc.

Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is North America's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca); Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores in the U.S., Canada, Puerto Rico and the U.S. Virgin Islands.