Best Buy CEO resigns

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Best Buy said Tuesday that its CEO, Brian Dunn, has resigned.

The Richfield-based electronics company said in a statement that Dunn's departure was in "mutual agreement that it was time for new leadership to address the challenges that face the company," the Star Tribune said.

Dunn said he leaves Best Buy in a position for a strong future.

"I am proud of my fellow employees and I wish them the best," he said in the company statement.

Dunn's departure came despite him telling analysts recently that "I'm excited about the strategy we have for the future and the specific actions we have put in place to improve the business."

Best Buy said there were no disagreements with Dunn on any matter relating to operations, financial controls, policies or procedures, the Washington Post said.
Board member Mike Mikan will serve as interim CEO while the company searches for a permanent replacement.

"We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors," said company founder Richard Schulze. "As we move forward, we are very pleased to have a strong leader with Mike Mikan's credentials as interim CEO."

Through most of his three-year tenure, Dunn endured criticism for his stewardship of the struggling consumer electronics giant, the Tribune said. Despite frequent calls for his dismissal, Dunn presided over some of the biggest changes in Best Buy's history.

Last month, the retailer said it would close 50 big-box stores and cut 400 corporate positions to save $800 million over three years. The company's core market, big-ticket consumer electronics items like PCs and flat-panel televisions, has been rapidly shrinking as more consumers migrate to the Internet for their shopping, the Tribune said.

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This page contains a single entry by tabbe019 published on April 10, 2012 9:21 AM.

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