Best Buy CEO Resigns, Interim CEO Named

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Best Buy CEO Brian Dunn, seen above shaking hands with Black Friday shoppers, has resigned from his position. The Best Buy Co., Inc. board of directors announced today that Dunn would be stepping down, saying there were no disagreements between Dunn and the board on any matter relating to operations, financial controls, policies, or procedures. Evidently, there was agreement between Dunn and the board that new leadership was required to "address the challenges that face the company." Just two weeks ago Best Buy announced it would be closing 50 of its big box stores and laying off 400 workers, causing a dip in the company's stock price.

"I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future. I am proud of my fellow employees and I wish them the best," said Dunn.

It was also announced that Best Buy Director G. Mike Mikan will be taking over as interim CEO during the search for a new CEO. Richard Schulze, the founder of Best Buy, continues to serve as chairman.

"We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors," said Schulze. "As we move forward, we are very pleased to have a strong leader with Mike Mikan's credentials as interim CEO."

Mikan, a member of the board, will remain on the board during his tenure as interim CEO. Mikan has been a Best Buy director since April 2008. He was formerly an executive vice president and CFO of UnitedHealth Group Inc. and CEO of Optum, an affiliate of UnitedHealth.

"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," said Mikan.

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