a 27-year Best Buy veteran and leader of Best Buy Mobile in the United States, was promoted to head of U.S. retail stores.21 The most important addition to Joly's team, in the view of some analysts, was Sharon McCollam. The retired chief operating officer and CFO of retailer Williams-Sonoma, McCollam "had experience closing bricks-and-mortar stores and building up online retail... [and] had some positive metrics behind her." 22 She was recruited to be Best Buy's chief administrative and chief financial officer. 23 The "Renew Blue" Turnaround Plan On November 13, 2012, 10 weeks into his leadership, Joly called together analysts to outline the challenges facing Best Buy's domestic business. He acknowledged that much of what he was to say was not new, but what mattered was what the company was going to do about it. He was working with management to improve "the say-do ratio... the ratio between what we say we're going to do and what we actually do," to move it as close to one as possible. 24 Joly said that Best Buy's aspiration was "to be the specialty retailer who is the preferred authority and destination for technology products, services and solutions." 25 He acknowledged that the company had taken "our eye off the ball," 26 but he argued that Best Buy had some key strengths: it was market leader in North America and was maintaining or even gaining share in most key categories; there was opportunity to gain more share, since the market for technology products, services, and solutions was relatively fragmented and continued to grow; Best Buy served a large customer base, including 40 million active and 75 million total members in the loyalty program; its service proposition to these customers was "unique and compelling," providing a wide range, unbiased advice, competitive prices, multi-channel service, and Geek Squad support; and all this was achieved with a highly productive model delivering high sales and operating profit per square foot. 27 Joly also recognized some significant problems: the overall decline in market share, driven by shifts in channel and product mix; a failure to capture an adequate share of online sales; low customer satisfaction scores; poor price perception, despite competitive prices in important categories (Best Buy aimed to be competitive on core lines such as televisions, appliances, laptops, tablets, and phones but charged higher prices for accessories); the error of continuing to open stores during the 2007-2009 recession; and poor international performance. These problems drove declines in comparable-store sales and operating margins and a fall in the share price, but Joly commented, "Many of these problems are the results of our own making, which is in itself good news, meaning there is nothing structurally wrong with our markets." 28 The Five-Point Plan To solve the problems, Joly announced a five-point plan to "Renew Blue" (a reference to sales associates' blue shirts): 1. "Reinvigorate and rejuvenate the customer experience"; 2. Attract and grow "transformational leaders" and "energize our employees to deliver extraordinary results"; 3. Work with vendors "to innovate and drive value"; 4. Increase the company's return on invested capital by growing revenue and efficiency, which included cutting "unproductive cost" such as administrative and non-product expenses;