[Techtaffy Newsdesk]

The Best Buy board has elected director Hatim Tyabji to succeed Richard Schulze as chairman of the company. Mr. Tyabji, currently chairman of the Audit Committee, has served as a director since 1998. When Mr. Schulze steps down as chairman, he will become founder and chairman emeritus, an honorary position. Mr. Schulze will serve out the remainder of his term as director through June 2013.

Mr. Tyabji has more than 40 years of experience as a board member, operating executive and entrepreneur in various technology industry segments, including mobile communications, enterprise software, financial services and mainframe computing.

Since 2001, Mr. Tyabji has been Chairman and CEO of Bytemobile, a provider of video optimization and traffic management systems for mobile network operators. He is also chairman of Jasper Wireless, which provides operators with cloud-based machine-to-machine (M2M) and device management services. Mr. Tyabji currently serves on the boards of Merchant e-Solutions, Touch Networks (Australia) and the Missile Defense Advocacy Alliance.

Previously, Mr. Tyabji was Chairman and CEO of Saraïde, a provider of wireless Internet and data services. He was also an early board member at Ariba. From 1986 to 1998, he was chairman, president and CEO of VeriFone. Prior to VeriFone, Mr. Tyabji spent 13 years at mainframe manufacturer Sperry, where he rose from a project manager to president of Information Systems.

In addition to the chairing the Audit Committee, Mr. Tyabji serves on the Best Buy Board’s Compensation and Human Resources Committee. His prior public company board experience includes Bank of America Merchant Services, Deluxe Corporation, eFunds, SmartDisk Corporation, Ariba and others. He has also served on the boards of numerous private companies and the Carnegie Institution for Science.

Mr. Tyabji holds B.S. and M.S. degrees in Electrical Engineering and an M.B.A. He is a graduate of the Stanford Executive Program and received an honorary doctorate from the State University of New York.

Upload: 05-21-12