Best Buy CEO Quits After Investigation
More bad news for Best Buy:
Best Buy CEO Brian Dunn abruptly quit his job after the board of directors allegedly began investigating him for having an inappropriate relationship with a female employee. The Minneapolis Star-Tribune, citing unnamed sources, reported that Best Buy was examining whether Dunn used company resources to help carry out that relationship.
The nation’s largest electronics retailer wouldn’t confirm the report, but would not deny it, either. The newspaper could not reach Dunn, 50, for comment. Dunn, who is married with three sons, started at Best Buy in 1985 selling VCRs and worked his way up the management chain before being appointed CEO in 2009. ‘Certain issues were brought to the board’s attention regarding Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated,’ according to a company statement issued late Tuesday. ‘Prior to the completion of the investigation, Mr. Dunn chose to resign.’
Dunn, a Best Buy veteran who had been CEO since 2009, couldn’t be reached for comment Tuesday and Best Buy did not comment further on the circumstances of the probe.
The chief executive earned more than $10.2 million last year. He is married with three sons. Earlier on Tuesday, the company said that Dunn’s departure was a mutual decision and that it was time for new leadership given the challenges the company faces. Best Buy said that it has created a search committee to choose a new CEO.