Best Buy CEO Steps Down

Brian DunnMINNEAPOLIS (AP) - Best Buy Co. (BBY) CEO Brian Dunn has resigned from the electronics retailer.

Best Buy said Tuesday that it was a mutual decision, and that there were no disagreements with Dunn on any matter relating to operations, financial controls, policies or procedures. Its stock gained 52 cents, or 2.3 percent, to $23.17 in morning trading.

The announcement comes a little less than two weeks after Best Buy unveiled a restructuring plan. The chain plans to close 50 of its U.S. big-box stores, open 100 small-format stores and cut $800 million in costs over the next five years.

Best Buy, whose sales have been stung by competition from online sellers like Amazon.com (AMZN), is trying to become nimbler to avoid the fate of former rival Circuit City, which filed for bankruptcy protection in 2008. Traditional electronics retailers are suffering as more people buy gadgets online or at discount stores.

And last week Credit ratings agency Standard & Poor's put its corporate credit rating and other ratings on Best Buy on watch for a possible downgrade, saying at the time that the company's restructuring plan "underscores the problems that Best Buy is having with its current business model."

Board member Mike Mikan will serve as interim CEO while the company searches for a permanent replacement. Best Buy said that it has already created a search committee for identifying and choosing its new CEO.

Richard Schulze will continue as chairman.


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BRUCIE

Men in black, make sure Brian Dunn doesn't get another job for life.

April 11 2012 at 3:50 AM Report abuse rate up rate down Reply
BRUCIE

Don't hire a new CEO, best buy! Just run it without one. CEOs are vampires, ******* the life out of the company then jump with a golden parachute.

"Board member Mike Mikan will serve as interim CEO while the company searches for a permanent replacement. Best Buy said that it has already created a search committee for identifying and choosing its new CEO." This is a stupid plan...

April 11 2012 at 3:49 AM Report abuse rate up rate down Reply
BRUCIE

Bye Bye CEO, Karma got you!

April 11 2012 at 3:46 AM Report abuse rate up rate down Reply
ha

Best Buy is not going anywhere anytime soon. Just because they don't make as much as they used to, doesn't mean they aren't making money. Not only are they sitting on 2 billion they can play around with, they are laying off thousands of six figure suited executives INSTEAD of firing at the bottom. All of you anti-Best Buy dinosaurs who revel in 50 stores closing and CEO gone should be PLEASED to know that they are opening 100 small mobile expresses! Moving thousands of over payed, non-performing office jobs and putting it in the pocket of the average retail associate... Wow, you're right! Best Buy is a horrible, terrible money monster!

April 11 2012 at 12:38 AM Report abuse rate up rate down Reply
Greg

I hate liars (like those at Best Buy) I go by the old creedo "if a man will lie to you they will steal from you" and they have more than once, for about $1700. Brian Dunn deserves what he got. I haven't been back for a couple of years.

April 10 2012 at 11:29 PM Report abuse rate up rate down Reply
Scott Reid

Dam and you all hate sales people on commision and now you want service remember you get what you pay for!! If you want service let the seller make a little money for the effort otherwise quit whinning.

April 10 2012 at 9:56 PM Report abuse rate up rate down Reply
Jerry

The problem with Best Buy is their customer service sucks! Salespeople are hard to talk to and when you do talk to one they have no clue about the products they are selling. They once had great service which is what probably helped put Circuit City out of business. Now that their competitor is gone they must have flet the could take it easy. To the new CEO, focus on customer service and prosper!

April 10 2012 at 9:01 PM Report abuse rate up rate down Reply
Bill

Circuit City departing CEO gets $1.8M in severance
Posted 9/25/2008 6:08 PM | Comment | Recommend Share on emailE-mail | Share on printPrint |


By Michael Felberbaum, Associated Press Writer
RICHMOND, Va. — Circuit City Stores Inc.'s departing chief executive is receiving at least $1.8 million in a severance deal after resigning from his post at the consumer electronics retailer earlier this week, according to a regulatory filing on Thursday.

So, I guess we know what Brian Dunn is facing. They sure pay these losers well. The employees get unemployment

April 10 2012 at 8:14 PM Report abuse rate up rate down Reply
kabarr1

That should read " stopped shopping there" hate typos

April 10 2012 at 7:52 PM Report abuse rate up rate down Reply
kabarr1

This is my issue with BB. I stop shopping there a few years back. I use to spend quite a bit of money and time in their stores. . Each Sunday, I use to go through their sales flier. I saw the same prices in the store advertised as sale items. The only difference is they attempted to get creative with the financing. For example: If you pruchased $699 or higher for x-product, you get 0% APR for 18 months. Perhaps that worked for others, but it did not quite work for me. I preferred my discount at the time of purchase. Also was not crazy about mail in rebates, which was one of their favorites. They did have fairly steep discounts on Black Fridays, if you were willing to stand in that monster line, which I have done. The staff on the floor was always friendly and professional.It simply got to a point where I felt they were not competitive anymore. I was able to get the products online for a sharp discount, free shipping in most cases, no tax and have it delivered to my doorstep. Didn't need a rebate. I felt the same about CC

April 10 2012 at 7:47 PM Report abuse rate up rate down Reply