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Best Buy' former CEO Brad Anderson to retire from board

Staff writer |
Minneapolis, Mn., USA - Best Buy Co., Inc. announced that former CEO Brad Anderson will retire from the board of directors and that it has appointed corporate venture capital leader Claudia Fan Munce to the board.

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Mr. Anderson started his second stint on the Board in March 2013.

He formerly worked at Best Buy for more than 35 years, serving as CEO (2002-09) and president and chief operating officer (1991-2002).

He also served on the Board from 1986 to 2010.

Mr. Anderson, who first joined the company in 1973 as a salesman at a Sound of Music store, played a key role in Best Buy’s expansion and transformation during his tenure as an executive.

He will serve the remainder of his term through the end of the annual shareholder meeting on June 14. Ms. Munce will stand for election at that time.

Ms. Munce is a venture advisor at New Enterprise Associates (NEA), one of the world’s largest and most active venture capital firms.

She joined NEA earlier this year after spending 30 years at IBM Corp.

Most recently, she was a founding member and managing director of IBM Venture Capital Group and a vice president of IBM Corporate Development.

In her role, she formed strategic relationships with top venture capitalists in Silicon Valley and around the globe to drive IBM’s growth in new markets through partnerships and acquisitions.

Ms. Munce serves as a board member for Bank of the West, the National Venture Capital Association and Global Corporate Venturing.

She also has served on the boards of many global venture capital organizations, including the Latin American Venture Capital Association, Women in Leadership in Private Equity (China), Canadian Innovation Exchange and Savannah Fund (Africa).

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