NEW YORK (AP) — Best Buy Co. CEO Brian Dunn abruptly resigned on Tuesday after the nation’s largest consumer electronics retailer said it decided to conduct an investigation into his “personal conduct.”
NEW YORK (AP) — Best Buy Co. CEO Brian Dunn abruptly resigned on Tuesday after the nation’s largest consumer electronics retailer said it decided to conduct an investigation into his “personal conduct.”
The departure compounds the problems at the retailer, which has been widely criticized for not responding fast enough to growing competition from Amazon.com and other online rivals and the changing shopping habits of Americans.
“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 28-year Best Buy veteran who had been CEO since 2009, could not be reached for comment on Tuesday and Best Buy did not comment further on the circumstances of the investigation.
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.