Best Buy CEO Brian Dunn Resigns, Effective Immediately

Posted on Apr 10 2012 - 10:32am by Mike Wewerka

Well, here’s a shocker to wake up to, Best Buy CEO, Brian Dunn, has announced that he is resigning as Chief Executive Officer of the massive electronics chain, effective immediately.

“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.

After 28 years with the company, Mr. Dunn will walk away while Director G. Mike Mikan will step in as the interim CEO until the search committee can find a suitable replacement for Dunn.

“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors”

While both sides seem to be parting on amicable terms, let’s be honest, something is up. Despite being the giant amount electronics retails, Best Buy didn’t have the best quarter at the end of 2011, perhaps the board pressured Dunn out of the top spot, we don’t know.

The full press release is below:

INNEAPOLIS–(BUSINESS WIRE)–The board of directors of Best Buy Co., Inc. (NYSE:BBY) today announced that Brian Dunn has resigned as chief executive officer and director. There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures. There was mutual agreement that it was time for new leadership to address the challenges that face the company. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway. 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”

“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.

“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.”

“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.

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. Mikan has strong financial and operational expertise, as well as public company leadership experience.

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. The committee will oversee the process for the identification and selection of the next CEO.