Best Buy has recently been weathering quite a storm. It is struggling financially and facing intense competition from Amazon.com, Wal-Mart, and many others. Things got so bad that the company’s founder, Richard Schulze, made a hostile bid — which did not succeed — to acquire the firm through a leveraged buyout.

Today, Best Buy announced the appointment of Hubert Joly, shown in the photo below, as its new CEO.  Joly was born in France and has been honored by the French National Order of Merit. According to Tiffany Hsu, writing for the Los Angeles Times: “Joly had headed Carlson, a Minneapolis hospitality and travel company that owns roughly 2,200 hotels [including Radisson] and restaurants [including T.G.I. Friday’s], since 2008. He resigned to take the Best Buy post. Once Joly arrives at Best Buy in early September, he will become the retailer’s third chief executive in six months.”

Click the photo for Hsu’s complete story. To see the Wall Street Journal’s take on Joly, click here for a brief video clip.

Photo by Kalpak Pathak, Hindustan Times via Getty Images