Best Buy Co. has told Bloomberg that Chief Executive Officer Brian Dunn resigned and board member G. Mike Mikan is taking the position on an interim basis as the company focuses on smaller stores and Internet sales.
The change was a “mutual agreement” that new leadership was needed, the Richfield, Minnesota-based company said today in a statement. A committee of directors has been created to search for a new CEO, the company said.
Best Buy, the world’s largest electronics retailer, has been cutting jobs and shifting to smaller store formats amid competition from Internet retailers such as Amazon.com Inc. (AMZN) Dunn, who started with Best Buy in 1985 as a VCR salesman, said in an interview last month that he believed he was the “right person” to lead the company through the transition.
Read more: http://www.bloomberg.com/news/2012-04-10/best-buy-s-dunn-resigns-as-ceo-mikan-to-serve-as-interim-chief.html
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