Best Buy 2003 Annual Report Download - page 23

Operating Leases
Essentially all retail stores and a majority of distribution facilities are leased. Terms of the lease agreements range up to 20 years. Most
of the leases contain renewal options and escalation clauses.
Additional information regarding operating leases is included in note 7 of the Notes to Consolidated Financial Statements on page 59
of our Annual Report, incorporated herein by reference.
Item 3. Legal Proceedings.
We are involved in various legal proceedings arising during the normal course of conducting business. The resolution of those
proceedings is not expected to have a material impact on our results of operations and financial condition.
Our Executive Officers are as follows:
Name Age Position With the Company
Years
With the
Company
Bradbury H. Anderson 53 Vice Chairman and Chief Executive Officer 30
Richard M. Schulze 62 Founder and Chairman 37
Allen U. Lenzmeier 59 President and Chief Operating Officer 19
Thomas C. Healy 41 President — Best Buy International 13
Michael P. Keskey 48 President — Best Buy Retail Stores 15
Brian J. Dunn 43 Executive Vice President — Retail Sales 18
Marc D. Gordon 42 Executive Vice President and Chief Information Officer 5
Darren R. Jackson 38 Executive Vice President — Finance and Chief Financial Officer 3
Michael A. Linton 46 Executive Vice President — Consumer & Brand Marketing and Chief
Marketing Officer 4
Michael London 54 Executive Vice President — General Merchandise Manager 7
Philip J. Schoonover 42 Executive Vice President — New Business Development 9
John C. Walden 43 Executive Vice President — Human Capital and Leadership 4
Susan S. Hoff 38 Senior Vice President — Public Affairs and Investor Relations Officer 20
Joseph M. Joyce 51 Senior Vice President — General Counsel and Assistant Secretary 12
Bruce H. Besanko 43 Vice President — Finance/Planning & Performance Management 1
Bradbury H. Anderson has been a director since 1986 and is currently Best Buy’s Vice Chairman and Chief Executive Officer. Mr.
Anderson assumed the responsibility of Chief Executive Officer effective June 30, 2002, having previously served as President and
Chief Operating Officer since 1991. Mr. Anderson has been employed in various capacities with us since 1973.
Richard M. Schulze is a founder of Best Buy. He has been an officer and director from our inception in 1966 and currently is
Chairman of the Board. Effective June 30, 2002, Mr. Schulze relinquished the duties of Chief Executive Officer. Mr. Schulze is a
trustee of the University of St. Thomas, chairman of the board of governors of the University of St. Thomas Business School and a
member of the President’s Council of Twin Cities Public Television.
Allen U. Lenzmeier has been a director since 2001. Mr. Lenzmeier is currently Best Buy's President and Chief Operating Officer.
Mr. Lenzmeier joined us in 1984. Prior to his promotion to his current position, he served as President — Best Buy Retail Stores from
2001 to 2002 and as Chief Financial Officer and Executive Vice President from 1991 to 2001. He is a national trustee for the Boys and
Girls Clubs of the Twin Cities and serves on its board of directors.
Thomas C. Healy was promoted to President — Best Buy International in 2001. Prior to that, he had served as Senior Vice
President — Canadian Operations. Mr. Healy joined us in 1990 and has held positions as regional vice president, district manager and
general manager.
Michael P. Keskey was promoted to President — Best Buy Retail Stores in March 2002. Mr. Keskey served as Executive Vice
President — Retail Sales from 2001 to 2002 and as Senior Vice President — Retail Sales from 1997 to 2001. Mr. Keskey joined us in
1988 and has since held various positions.
Brian J. Dunn was named Executive Vice President — Retail Sales in March 2002. Mr. Dunn joined us in 1985 and has held
positions as senior vice president, regional vice president, regional manager, district manager and store manager.
Marc D. Gordon was named Executive Vice President and Chief Information Officer in 2001. He is responsible for technology and
supply chain management. Mr. Gordon joined us in 1998 as Senior Vice President — Information Systems and Chief Information
Officer. Prior to that, Mr. Gordon had experience in the retail information systems area, most recently for West Marine Products, a
West Coast–based specialty retailer/wholesaler of marine products. Mr. Gordon also served as a senior manager with Accenture, a