Shares of Best Buy increased by 0.8 percent to $38.64 during after-hours trading on Monday, after company officials announced that Board Chairman Hatim Tyabji will be retiring on June 9, The Street reports.
The Street Ratings Team analysts have subsequently placed Best Buy stock in a "Buy" status, citing "compelling growth" in net income, revenue growth, solid stock price performance and other financial categories.
Tyabji will be replaced by Chief Executive Officer and President Hubert Joly, who will assume all three leadership positions with Best Buy.
"I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation," Tyabji said in a news release, according to Biz Journals.
"It is this transformation, led by my colleague and friend, Hubert Joly that I count as one of the highlights of my long career."
Best Buy's net income increased by 77.1 percent from $293 million to $519 million within the last year but has experienced only a 1.3 percent boost in revenue growth. The industry average currently stands at 12.9 percent, The Street also reports.
The consumer electronics corporation's recent sales discounts have also been cited as positive signs of company growth.
Company officials announced on Monday that chain stores are offering $100 savings upon purchasing Motorola's Android Wear smartwatch and a new Android phone.
"My association with Best Buy has been more rewarding than words can express. I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation," Tyabji said, according to Street Insider.
"It is this transformation, led by my colleague and friend, Hubert Joly that I count as one of the highlights of my long career. Hubert and I have developed a wonderful partnership, and I am delighted he will succeed me as Board chairman."
Best Buy was founded in 1983 under the name "Best Buy Superstores Co."
