8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 18, 2006

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota	1-9595	41-0907483
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
7601 Penn Avenue South
Richfield, Minnesota		55423
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (612) 291-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

The Board of Directors of Best Buy Co., Inc. has appointed Ari Bousbib and Rogelio M. Rebolledo as Class 1 directors, effective August 18, 2006. Mr. Bousbib is currently the president of Otis Elevator Company, a wholly-owned subsidiary of United Technologies Corporation. Mr. Rebolledo is currently the chairman of The Pepsi Bottling Group, Inc.’s operations in Mexico.

Both Messrs. Bousbib and Rebolledo will serve on one or more committees of the registrant’s Board of Directors. Committee assignments are expected to be made at the next regular meeting of the Board of Directors, scheduled to be held in September 2006. Once determined, the committee assignments will be disclosed by the registrant in a Current Report on Form 8-K.

The information required under Item 404(a) of Regulation S-K regarding certain relationships and related transactions between the registrant and either of Messrs. Bousbib or Rebolledo had not been determined or was unavailable at the time of filing of this Current Report of Form 8-K.  Once determined, the information required to be disclosed, if any, will be reported in a Current Report on Form 8-K.

Messrs. Bousbib and Rebolledo were identified and recommended to the registrant’s Board of Directors by an independent third party search firm. There are no arrangements or understandings pursuant to which Messrs. Bousbib and Rebolledo were selected as directors.

The registrant’s shareholders will be asked to ratify the appointments of Messrs. Bousbib and Rebolledo to its Board of Directors when next convened for a meeting.

A news release announcing the appointments was issued on August 23, 2006, and is attached as Exhibit No. 99 to this Current Report on Form 8-K. Best Buy Co., Inc.’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the registrant.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.	Description of Exhibit
99	News release issued August 23, 2006. Any internet addresses provided in this release are for information purposes only and are not intended to be hyperlinks. Accordingly, no information in any of these internet addresses is included herein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BEST BUY CO., INC.
	(Registrant)
Date: August 24, 2006	/s/ Susan S. Grafton
	Susan S. Grafton
	Vice President – Financial Operations
	and Controller

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EX-99

Exhibit No. 99

For Immediate Release

Media Contacts:	Investor Contacts:
Susan Busch, Director of Corporate PR	Charles Marentette, Senior Director of Investor Relations
(612) 291-6114 or susan.busch@bestbuy.com	(612) 291-6184 or charles.marentette@bestbuy.com
Kelly Groehler, Senior Manager of Corporate PR	Carla Haugen, Director of Investor Relations
(612) 291-6115 or kelly.groehler@bestbuy.com	(612) 291-6146 or carla.haugen@bestbuy.com

Best Buy Names Two New Directors to Board

MINNEAPOLIS, August 23, 2006 – Best Buy Co., Inc. (NYSE: BBY) today announced the appointments of Ari Bousbib and Rogelio M. Rebolledo to its board of directors. Bousbib, president of Otis Elevator Company (Otis), and Rebolledo, chairman of The Pepsi Bottling Group (PBG) Mexico, will be Class 1 directors with terms expiring in June 2008.

“We are delighted to welcome Ari and Rogelio as the newest members of our board of directors,” said Richard Schulze, Best Buy’s founder and chairman of the board.  “Both are outstanding business executives with experiences and perspectives that will be valuable to our board, to our leadership and to our shareholders. The addition of these accomplished global leaders will enhance our board’s depth and strength, and help us better meet the dynamic growth opportunities of our company.”

Ari Bousbib

“Ari Bousbib is a talented global business leader who excels at providing the operating discipline and strategic thinking necessary to transform an organization,” said Schulze.  “He has deep knowledge of global markets, having driven Otis’ record revenue and profit growth largely outside of the United States.  His track record demonstrates his strategic and operating acumen, execution skills and bottom-line orientation.  Ari is a creative and innovative leader with considerable personal and professional integrity who will be a meaningful addition to our board.”

Bousbib has served as president of Otis Elevator Company, a wholly-owned subsidiary of United Technologies Corporation (UTC) since 2002.  Before joining Otis as chief operating officer in 2000, Bousbib was UTC’s vice president, corporate strategy and development for more than three years.

Prior to joining UTC, Bousbib served as managing director of The Strategic Partners Group, an investment and M&A advisory firm, and before that was a partner at  global management and technology consulting firm Booz Allen Hamilton. He joined Booz Allen Hamilton in 1987 and was elected to the firm’s partnership in 1992.

Bousbib attended Ecole Superieure des Travaux Publics in Paris where he earned a master’s of science degree in mathematics and structural engineering.  He also holds a master’s degree in business administration from Columbia University in New York.

Rogelio M. Rebolledo

“Rogelio Rebolledo is an accomplished consumer packaged goods leader and a true internationalist,” said Schulze.  “Entrepreneurial by nature, Rogelio has deep expertise in opening and building businesses in new and emerging markets around the globe.  He has excellent marketing skills, a deep understanding of the consumer – especially in multicultural environments – and an evident passion for brand building.  We are delighted to have this energetic and committed leader join the Best Buy board.”

Rebolledo is chairman of PBG Mexico, a role he was appointed to in June 2006. He served as president and chief executive officer of PBG Mexico from January 2004 until being named to his current position.

Rebolledo began his 30-year career with PepsiCo in 1976 at Sabritas, the salty snack food unit of Frito-Lay International in Mexico. After several assignments at Sabritas, he was named president of Frito-Lay Brazil in 1982. He returned to Sabritas in 1984 and was promoted to president in 1986. In 1990, he spearheaded the acquisition of Gamesa, Mexico’s leading cookie company, and was appointed president of this new PepsiCo affiliate.

In 1993, Rebolledo’s role was broadened to lead the expansion of Frito-Lay into Latin America, which at that time was limited to Brazil, Puerto Rico and Mexico. By 2000, Rebolledo had led numerous acquisitions, building a strong salty snack system throughout Latin America with leading market shares in 17 countries. His responsibilities were again expanded in 1996 to include PepsiCo’s salty snack businesses in Asia and Australia, with operations in China, Korea, India, Indonesia and Thailand. Under Rebolledo’s leadership, this region grew in scale and profitability, delivering their best year ever in 2003.

Rebolledo was appointed president and CEO of Frito-Lay International in 2001, his last assignment prior to his retirement from PepsiCo at the end of 2003.

Rebolledo is a Mexico national.  He holds a bachelor of science degree in chemical engineering from the National University of Mexico and a master’s degree in business administration from the University of Iowa.

The company’s shareholders will be asked to ratify the appointments of Bousbib and Rebolledo to the Best Buy board of directors when next convened for a meeting.  With the addition of Bousbib and Rebolledo, the size of the Best Buy board of directors will stand at 12.

About Best Buy Co., Inc.

Best Buy Co., Inc. (NYSE: BBY) is an innovative Fortune 100 growth company that continually strives to create superior customer experiences. Through more than 960 retail stores across the United States and in  Canada, our employees connect customers with technology and entertainment products and services that make life easier and more fun. We sell consumer electronics, home-office products, entertainment software, appliances and related services. A Minneapolis-based company, our operations include: Best Buy (BestBuy.com and BestBuy.ca), Future Shop (FutureShop.ca), Geek Squad (GeekSquad.com and GeekSquad.ca), Pacific Sales Kitchen and Bath Centers (PacificSales.com), Magnolia Audio Video (Magnoliaav.com) and Jiangsu Five Star Appliance Co. (Five-Star.cn). We support our communities through employee volunteerism and grants from The Best Buy Children’s Foundation.

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