corporate

Just a month after Best Buy's former CEO Brian Dunn resigned, the company's founder and chairman has stepped down from his post on the retailer's board.

Best Buy announced today that its founder, Richard Schulze, will be replaced as board chairman by Hatim Tyabji on June 21 at the end of the company's annual shareholders meeting. Tyabji currently servers as the chair of the board's audit committee and is chairman and CEO of video optimization services provider Bytemobile.

"The story of Best Buy is a remarkable American success story," Tyabji said today in … Read more

Facebook's initial public offering is set to take place later this week. But a key component in that process -- accepting orders from investors -- is ahead of schedule, according to a new report.

The world's largest social network is planning to stop taking orders for its IPO as early as tomorrow, according to Bloomberg, citing a source. Facebook had initially anticipated calling off its orders on Thursday, but due to stronger-than-expected demand, it's pushing its schedule ahead somewhat.

Facebook last week set out on its roadshow across the U.S. Prior to an IPO, a roadshow … Read more

Apple responded today to criticism that the company goes to great lengths to cut its global tax bill by billions of dollars every year, trumpeting the "incredible number of jobs" it has created.

The statement was in response to an in-depth report published yesterday by The New York Times that depicted Apple as a pioneer in developing ways to sidestep taxes and that claimed companies seeking to do the same have used its methods as templates. "Apple serves as a window on how technology giants have taken advantage of tax codes written for an industrial age and … Read more

The New York Times is once again putting Apple under the microscope, with a new, in-depth report about the tactics the company uses to cut its global tax bill by billions of dollars every year.

"Almost every major corporation tries to minimize its taxes, of course," the report says. Nevertheless, "Apple serves as a window on how technology giants have taken advantage of tax codes written for an industrial age and ill-suited to today's digital economy."

The report claims Apple has been a pioneer in developing ways to sidestep taxes and that companies seeking to … Read more

The bad news just keeps coming for HTC.

The company's shares were down 6.19 percent today, closing the day on the Taiwan Stock Exchange at NT$485 ($16.45). At that level, the company's shares have slid nearly 35 percent in the last six months, and they continue to inch their way toward a 52-week low of NT$403. During that time, the company's stock hit a high of NT$1,300.

HTC's most recent troubles reflect investor concern over the company's decision yesterday to replace its chief financial officer, Winston Yung, with former … Read more

As expected, Yahoo today announced that it will lay off a large number of its employees.

The company said this morning that it will begin notifying about 2,000 employees of their "job elimination or phased transition." Yahoo currently employs about 14,000 people around the world, so the layoffs will affect about 14 percent of its workforce.

In its statement, Yahoo said that it can realize approximately $375 million in annualized savings through the terminations. However, it also plans to take an estimated $125 million to $145 million pretax cash charge related to severance.

"Today's … Read more

Sony has been spending an inordinate amount of time lately changing up its leadership. And it has done it again today.

The company today announced that Kunimasa Suzuki has been named president and CEO of Sony Mobile Communications. Current president and CEO Bert Nordberg will leave his post on May 16 and assume his new position as chairman of the Sony Mobile Communications' board.

Sony's move puts the final touches on its recent buyout of Sony Ericsson. Nordberg was president and CEO of the former Sony Ericsson, and was widely viewed as the next person to go as Sony … Read more

The winds of change continue to gust at Sony. The electronics and entertainment giant announced today that Sony Pictures Entertainment Chairman and CEO Michael Lynton will become CEO at Sony Corporation of America (SCA) on June 27.

Lynton's primary responsibilities will include overseeing Sony's vast entertainment empire, which includes Sony Pictures, Sony Music, and Sony/ATV Music Publishing.

"Michael is absolutely the right choice to succeed me as CEO of SCA," said Howard Stringer, who is leaving his posts as SCA chief and Sony Corp. chief. "He understands the vital importance of fulfilling Sony's … Read more

Apple is planning a major investment in Texas, the governor's office has announced.

According to Gov. Rick Perry, Apple plans to drop $304 million into a new campus in Austin. The new facility, the governor's office said Friday, will create over 3,600 jobs in the state over the next decade and double the size of Apple's workforce across Texas. The state didn't divulge too many details but did say the facility will be used to expand "customer support, sales, and accounting functions."

Apple's major investment might lend a bit more credence to … Read more