Minneapolis -- In a surprise announcement, Best Buy Co. said Tuesday that CEO Brian Dunn has resigned from the company. Company director G. Mike Mikan has been named interim CEO. Richard Schulze, the founder of Best Buy, continues to serve as chairman.
The change was a “mutual agreement” that new leadership was needed, Best Buy said in a statement, and there were no disagreements or specific problems related to the electronic retailer’s operations, financial controls or procedures A committee of directors has been created to search for a new CEO.
“I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future,” said Dunn.
Dunn’s announced departure comes only two weeks after Best Buy unveiled its intentions to close 50 of its U.S. big-box stores and open 100 smaller-format mobile stores.
Best Buy last month posted a $1.23 billion net loss for its fiscal 2012, its first annual loss in more than two decades, as sales rose less than 1%.