Best Buy Company said its chief executive officer and director Brian Dunn has resigned during an investigation into allegations of ‘personal misconduct’.
Best By spokesperson Claire Koeneman was quoted by Reuters saying that 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.
"Prior to the completion of the investigation, Mr. Dunn chose to resign,"Koeneman said.
Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway and Richard Schulze, the founder of Best Buy, continues to serve as chairman.
Mikan, who will remain on the board while serving as interim CEO, has been a Best Buy director since April 2008.
He formerly served as executive vice president and chief financial officer of UnitedHealth Group Incorporated and chief executive officer of Optum, a health care services company and affiliate of UnitedHealth.
A search committee of the board of directors has been created consisting of the founder and members of the nominating, corporate governance and policy committee, which will oversee the process for the identification and selection of the next CEO.
The company faces strong competition online retailers like Amazon.com which don’t have bear added cost of operating stores.
In 29 March Best Buy had reproted a $1.7bn quarterly loss and Dunn had unveiled a plan to shift gradually from large stores as the big-box business model was facing heat.
