ESL Investments, Inc. Appoints G. Mike Mikan as President

NEW YORK--(BUSINESS WIRE)--

ESL Investments said today it has named G. Mike Mikan as president, effective January 1, 2013. Mr. Mikan will report to Edward S. Lampert, chairman and chief executive officer of ESL Investments.

Mr. Mikan held various executive positions over a 14-year period at UnitedHealth Group UNH, including serving as executive vice president and chief financial officer, as well as chief executive officer of its Optum subsidiary. Mr. Mikan has served on the Board of Directors of Best Buy Co. BBY since 2008. He was appointed Best Buy's interim chief executive in April 2012, serving until September 2012.

“Mike is a proven business leader who has a great track record of driving operating performance and a diverse background spanning operations, finance and strategy,” Edward S. Lampert said. “Mike's background fits with our strategy and he will be a great asset to me and to ESL's portfolio companies.”

“I have a great deal of respect for Eddie and the world-class investment firm he has built. ESL's philosophy of making long-term investments in companies and working with managements fits with my experience and passion in helping companies grow their businesses and reach their potential through operational excellence,” Mr. Mikan said. “I look forward to partnering with Eddie and the team at ESL.”