Best Buy 2011 Annual Report Download - page 26

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In February 2011, a purported class action lawsuit captioned, IBEW Local 98 Pension Fund, individually and on behalf of
all others similarly situated v. Best Buy Co., Inc., et al., was filed against us and certain of our executive officers in the U.S.
District Court for the District of Minnesota. This federal court action alleges, among other things, that we and those
officers violated Sections 10(b) and 20A of the Exchange Act and Rule 10b-5 under the Exchange Act in connection with
press releases and other statements relating to our fiscal 2011 earnings guidance that had been made available to the
public. Additionally, in March 2011, a similar purported class action was filed by a single shareholder, Rene LeBlanc,
against us and certain of our executive officers in the same court.
The plaintiffs in the above actions seek damages, including interest, equitable relief and reimbursement of the costs and
expenses they incurred in the lawsuits. We believe the above allegations are without merit, and we intend to defend these
actions vigorously. Based on our assessment of the facts underlying the claims in the above actions, their respective
procedural litigation history (including the status of class certification in the Holloway lawsuit), and the degree to which we
intend to defend our company in these matters, we are unable to provide meaningful quantification of how the final
resolution of these claims may impact our future consolidated financial position or results of operations.
We are involved in various other legal proceedings arising in the normal course of conducting business. We believe the
amounts provided in our consolidated financial statements are adequate in light of the probable and estimable liabilities.
The resolution of those other proceedings is not expected to have a material effect on our results of operations or
financial condition.
Executive Officers of the Registrant
(As of February 26, 2011)
Years
With the
Name Age Position With the Company Company
Shari L. Ballard 44 Executive Vice President, President — Americas 18
Brian J. Dunn 50 Chief Executive Officer 26
Christopher K.K. Gould(1) 41 Vice President, Treasurer —
Susan S. Grafton 54 Vice President, Controller and Chief Accounting Officer 10
Joseph M. Joyce 59 Senior Vice President, General Counsel and Assistant Secretary 20
Barry Judge 48 Executive Vice President, Chief Marketing Officer 11
James L. Muehlbauer 49 Executive Vice President, Finance and Chief Financial Officer 9
Kalendu Patel 47 Executive Vice President, President — Asia 8
Ryan D. Robinson 45 Senior Vice President, Chief Financial Officer — U.S. 9
Richard M. Schulze 70 Founder and Chairman of the Board 45
Timothy R. Sheehan 46 Executive Vice President, Chief Administrative Officer 26
Carol A. Surface 45 Executive Vice President, Chief Human Resources Officer 1
Michael A. Vitelli 55 Executive Vice President, President — Americas 7
(1) Mr. Gould joined us as Vice President, Treasurer, effective November 2010.
Shari L. Ballard was named Executive Vice President, President — Americas in March 2010. Previously, she served as
Executive Vice President — Retail Channel Management from 2007 until being appointed to her current role, and as
Executive Vice President — Human Resources and Legal from 2004 to 2007. Ms. Ballard joined us in 1993 and has
served as Senior Vice President, Vice President, and General and Assistant Store Manager. Ms. Ballard is a member of the
University of Minnesota Foundation board of trustees and sits on its executive and human resources committees.
Brian J. Dunn was named our Chief Executive Officer in 2009 when he was also appointed as a director. A 26-year
veteran of our company, Mr. Dunn began his career with us as a store associate in 1985 when we operated only a dozen
stores. From 2006 until being named to his current position, Mr. Dunn served as President and Chief Operating Officer.
From 2004 to 2006, Mr. Dunn was President — Retail, North America. From 2002 to 2004, he served as Executive Vice
President — Best Buy U.S. Retail. Prior to that, he served as Senior Vice President, Regional Vice President, Regional
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