Brian Dunn, chief executive of Best Buy, resigned yesterday morning. "I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future," Dunn said. "I am proud of my fellow employees and I wish them the best."
According to a statement released early yesterday by Best Buy, the company and Brian Dunn had come to a mutual agreement that the company needed new leadership. "There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures. There was mutual agreement that it was time for new leadership to address the challenges that face the company.”
Later in the day however, conflicting information regarding the resignation of Brian Dunn surfaced. “Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated,” Claire Koeneman, a Best Buy spokeswoman who works for H+K Strategies, said yesterday in an e-mailed statement. “Prior to the completion of the investigation, Mr. Dunn chose to resign.”
Best Buy, the world’s largest electronics retailer, has taken a major hit lately amid competition from online retailers such as Amazon.com. The company has been cutting jobs and shifting to smaller store formats.
Brian Dunn, who began working with Best Buy as a VCR salesman in 1985, said in an interview last month that he believed he was the right person to lead the company through the transition. Best Buy stock has fallen 35 percent since June 2009, the time when Dunn took over as CEO.
G. Mike Mikan will serve as interim CEO while a committee of directors searches for a new CEO. Mikan has been a Best Buy director since April 2008.