Per Home Magazine News:
Best Buy CEO and director Brian Dunn has resigned, the company announced April 10, less than two weeks after the retailer reported a fourth-quarter net loss of nearly $1.7 billion.
Best Buy stressed that there “were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures" and that “there was mutual agreement that it was time for new leadership to address the challenges that face the company.”
Best Buy had previously announced plans to shutter 50 stores in the current (2013) fiscal year and to cut $800 million in costs through 2015, including $250 million this year. During this year Best Buy plans on opening 100 smaller Best Buy Mobile stand alone stores.
Best Buy director G. Mike Mikan has been named interim CEO while the retailer searches for a new, permanent CEO. Mikan has been a Best Buy director since April 2008, and previously served as EVP and chief financial officer of United Health Group Inc. and CEO of health services company Optum.
Best Buy founder Richard Schulze will continue to serve as chairman.
“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 in a statement. “I am proud of my fellow employees and I wish them the best.”
Best Buy has created a search committee consisting of Schulze and members of the retailer’s nominating, corporate governance and policy committee to search for a new CEO.
“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors,” Schulze said. “As we move forward, we are very pleased to have a strong leader with Mike Mikan's credentials as interim CEO.”
Mikan added: “The Best Buy team and I will be extremely focused on successfully managing this period of transition. I want to assure our employees, customers and other key stakeholders that we will work together to achieve our company's growth and profitability goals.”
Best Buy CEO and director Brian Dunn has resigned, the company announced April 10, less than two weeks after the retailer reported a fourth-quarter net loss of nearly $1.7 billion.
Best Buy stressed that there “were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures" and that “there was mutual agreement that it was time for new leadership to address the challenges that face the company.”
Best Buy had previously announced plans to shutter 50 stores in the current (2013) fiscal year and to cut $800 million in costs through 2015, including $250 million this year. During this year Best Buy plans on opening 100 smaller Best Buy Mobile stand alone stores.
Best Buy director G. Mike Mikan has been named interim CEO while the retailer searches for a new, permanent CEO. Mikan has been a Best Buy director since April 2008, and previously served as EVP and chief financial officer of United Health Group Inc. and CEO of health services company Optum.
Best Buy founder Richard Schulze will continue to serve as chairman.
“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 in a statement. “I am proud of my fellow employees and I wish them the best.”
Best Buy has created a search committee consisting of Schulze and members of the retailer’s nominating, corporate governance and policy committee to search for a new CEO.
“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors,” Schulze said. “As we move forward, we are very pleased to have a strong leader with Mike Mikan's credentials as interim CEO.”
Mikan added: “The Best Buy team and I will be extremely focused on successfully managing this period of transition. I want to assure our employees, customers and other key stakeholders that we will work together to achieve our company's growth and profitability goals.”
