Brian Dunn out as Best Buy CEO
|Dunn was CEO for three years, during which time Best Buy struggled to adapt to an online-dominated marketplace.|
The split was reportedly amicable, but some are suggesting Dunn's departure is mutual in the sense of, "all the girls in high school and I mutually decided not to go to prom together."
Richard Schulze, the founder of Best Buy, will continue to serve as chairman. Board member G. Mike Mikan (grandson of Minnesota Lakers basketball legend George Mikan) takes over as interim CEO. A search committee has already been formed to find Dunn's full-time replacement.
In a statement, Best Buy board of directors wrote that "there was mutual agreement that it was time for new leadership to address the challenges that face the company."
|G. Mike Mikan takes over as interim CEO.|
Dunn, who has been with Best Buy for 28 years, said as recently as last month that he believed he was the "right person" to lead the company through its restructuring period. In fact, in a piece entitled "Best Buy CEO plows on, tunes out critics" published just last Sunday, the Star Tribune reported that Dunn's job appeared to be safe until next year at the earliest.
But news surrounding the company in recent months has been almost universally bad. Same-store sales were down during the holidays, and last week credit ratings agency Standard & Poor's put Best Buy on watch for a possible downgrade, saying the company's restructuring "underscores the problems that Best Buy is having with its current business model."
News of Dunn's resignation was received favorably by Wall Street, with Best Buy's stock up over 3 percent in trading early this morning.
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