8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 28, 2023

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code (612) 291-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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(d) On July 28, 2023, the Board of Directors (the “Board”) of Best Buy Co., Inc. ("Best Buy" or the "registrant") elected David C. Kimbell as a director, effective immediately.

Mr. Kimbell is currently the Chief Executive Officer and a director of Ulta Beauty, Inc, a specialty beauty retailer. Prior to Mr. Kimbell’s appointment as Chief Executive Officer in 2021, he served as president of Ulta Beauty. Mr. Kimbell has over 25 years of operational and leadership experience in retail and consumer-driven businesses through his roles at Ulta Beauty and his prior roles at U.S. Cellular Corporation, Seventh Generation, Inc., PepsiCo’s Quaker Food Division and in the beauty division of The Procter & Gamble Company.

Mr. Kimbell will be appointed to serve on a Board committee at a later date. Committee assignment(s), once determined, will be disclosed by the registrant in a Current Report on Form 8-K.

Mr. Kimbell will be compensated in accordance with the registrant’s standard compensation policies and practices for the Board, the components of which were disclosed in the registrant’s Proxy Statement for its 2023 Regular Meeting of Shareholders filed with the Securities and Exchange Commission on May 2, 2023, in the section titled “Director Compensation”.

There are no arrangements or understandings between Mr. Kimbell and any other person pursuant to which Mr. Kimbell was appointed to serve as a director. There are no transactions or relationships between the registrant and Mr. Kimbell that are reportable under Item 404(a) of Regulation S-K.

Mr. Kimbell is expected to stand for election to the registrant's Board at the 2024 Regular Meeting of Shareholders.

On August 1, 2023, Best Buy issued a news release announcing the appointment of Mr. Kimbell to the Board as described above under Item 5.02. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

Best Buy's Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the registrant.

(d) Exhibits.

The following Exhibit 99.1 is furnished as an Exhibit to this Current Report on Form 8-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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		Exhibit 991	

Best Buy Appoints Dave Kimbell to Board of Directors



MINNEAPOLIS – Best Buy Co., Inc. has appointed David C. Kimbell, a leading specialty retail executive, to its Board of Directors, effective immediately.



Kimbell is the Chief Executive Officer of Ulta Beauty, the largest specialty beauty retailer in the U.S., and has held the role since June 2021. He also sits on its Board of Directors. Since joining Ulta Beauty in 2014, he has served in leadership roles including President and Chief Merchandising and Marketing Officer.



Kimbell is a seasoned executive with more than 25 years of experience in retail and consumer-driven businesses. Prior to joining Ulta Beauty, he held leadership roles at U.S. Cellular, Seventh Generation, PepsiCo’s Quaker Food Division and in the beauty division of Procter & Gamble.



“Dave’s leadership experience in specialty retail and service is an incredible asset to our organization, and I am thrilled to welcome him to the Board,” said Corie Barry, Chief Executive Officer at Best Buy. “His proven record of leading and transforming numerous top brands and retailers, while focusing on what’s best for their employees and communities, will be invaluable as we continue to create the future of retail for evolving consumers.”



“I am honored to be joining Corie and Best Buy’s impressive Board of Directors during this important stage in the brand’s evolution. I am energized by the growth opportunities ahead for the Company, which shares my passion for consumer centricity and innovation,” said Dave Kimbell. “I look forward to supporting the highly talented leadership team as they bring to life Best Buy’s vision to personalize and humanize technology solutions for every stage of life.”