Best Buy CEO Brian Dunn resigned Tuesday and the company confirmed it is investigating allegations that he engaged in personal misconduct, the Star Tribune said.
Less than two weeks ago, Dunn said that Best Buy will close 50 stores nationwide and lay off thousands of workers.
For three years, Dunn has faced criticism from investors over the sinking stock price and sales. In recent years, the company has been losing market share to Wal-Mart and online competitors.
The company's struggles have led to speculation that Dunn would lose his job. Best Buy's stock fell 6 percent Tuesday.
Sources said that Dunn's personal behavior, not his company's falling fortune, led to his exit.