OPERATIONS

Best Buy reviewing former CEO Dunn’s personal conduct

BY Katherine Boccaccio

Minneapolis — Best Buy’s announcement on Tuesday morning that its CEO Brian Dunn had resigned the company by mutual agreement has been updated with information that a review is being conducted concerning the former chief executive’s personal conduct.

Best Buy initially said that there were no disagreements or specific problems related to the retailer’s operations, financial controls or procedures. But later in the day on Tuesday it said the company was conducting an internal investigation into his “personal conduct.”

The most recent statement made by Best Buy said that “certain issues were brought to the board’s attention regarding Mr. 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.”

No details about the probe have been disclosed but Best Buy’s Wednesday regulatory filing with the SEC said the company would disclose the terms of Dunn’s resignation in a later filing.

Dunn notified Best Buy’s board on Monday that he has resigned, and the board accepted his resignation effective Tuesday, April 10.

Board member G. Mike Mikan will serve as interim CEO while the company searches for a successor to Dunn.

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Walgreens adds seasoned technology, sustainability vet to board

BY CSA STAFF

DEERFIELD, Ill. — Walgreens on Tuesday evening elected Jan Babiak, a retired managing partner for Ernst & Young, to its board of directors. Babiak, who joins the board as an independent director, becomes the board’s 12th member.

“Jan’s diverse combination of leadership roles will provide us with additional financial insight and background on a wide range of strategic and business initiatives,” Walgreens chairman Alan McNally said. “Her experience serving numerous global business organizations will help to further accelerate our strategies and bring added expertise to our efforts, especially in the critical areas of IT transformation, as well as sustainability and climate change.”

“With her highly-regarded experience in IT, sustainability, audit and public policy, Jan will be a tremendous resource to our board and our company," Walgreens president and CEO Greg Wasson said. "She brings an innovator’s perspective that will be valuable in our transformation to a health and daily living destination, and her commitment to diversity initiatives and active career mentoring of men and women also will be extremely important in the years ahead.”

Babiak has nearly 30 years of global management and board level experience. At Ernst & Young, she held managing partner and board level roles in the areas of technology, climate change and sustainability, and regulatory and public policy. She served in consulting, audit and assurance roles for a broad range of clients in the financial services, technology, energy, media, transportation, government, retail and other sectors.

Babiak was founder and managing partner of Ernst & Young’s fastest-growing and most profitable U.K. practice, which provided IT security, transformation, program management and advisory and assurance services. With full P&L and operational responsibility, she grew the technology security and risk services practice in the United Kingdom, later adding Northern Europe, Middle East, India and Africa (NEMIA), for more than 10 years while also serving on Ernst & Young’s U.K. operating board.

Babiak was appointed in 2006 to the NEMIA executive management board and as managing partner for regulatory and public policy in NEMIA, and was the board level sponsor leading all services related to climate change and sustainability across the NEMIA area.

In 2008, she created a new practice as Ernst & Young’s global leader for climate change and sustainability services, operating from the firm’s London headquarters. She was responsible for the strategy and delivery of commercially focused climate change transformation and sustainability services to clients, as well as providing coordination with government offices, regulatory bodies, national professional bodies and other stakeholders. She has led teams delivering advisory, assurance, tax and transaction services focused on clean tech, renewable energy, carbon trading, environmental policy and taxation, green building, green supply chain, carbon measurement and modeling.

Babiak joined Ernst & Young’s audit practice in Oklahoma City in 1982 after earning her bachelors of business administration degree from the University of Oklahoma that same year. She later earned an MBA from Baldwin Wallace College in Ohio in 1989.

After retiring from a 28-year career with Ernst & Young in 2009, she became an independent board member the following year for Logica, an FTSE 250 publicly-traded technology company headquartered in the United Kingdom, where she is audit committee chair. In 2011, she joined the governing body of the Institute of Chartered Accountants in England and Wales as a council member.

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Tuesday Morning expects 3Q loss after sales decline

BY CSA STAFF

DALLAS — Tuesday Morning reported net sales for the third quarter ended March 31 were $172.7 million compared with $174.3 million for the quarter ended March 31, 2011, a decrease of 0.9%. Comparable-store sales for the quarter ended March 31 decreased by 3.2% comprised of a 1.8% decrease in traffic and a 1.4% decrease in ticket.

Based on the third quarter sales results, the company currently expects the loss per share for the three month period ended March 31 to be in the range of 9 cents to 11 cents. The loss per share was 8 cents for the quarter ended March 31, 2011.

Kathleen Mason, President and CEO stated, "We are focused on our key marketing, e-commerce and real estate initiatives. We believe these initiatives, particularly our new online platform which is on track to go live this quarter, will begin to impact our business during our fourth fiscal quarter and increasingly in fiscal 2013. We ended the quarter with strong cash and inventory positions that were in line with our expectations."

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