Best Buy: The week in review

  • Updated: April 14, 2012 - 6:26 PM

 

TUESDAY

Best Buy delivers a morning announcement that the company's CEO, Brian Dunn, resigned by "mutual agreement."

G. "Mike" Mikan, a former executive with UnitedHealth Group, is named interim CEO.

• Company later confirms an ongoing investigation into Dunn's "personal conduct," and that Dunn chose to resign before the probe was completed.

WEDNESDAY

• Star Tribune confirms that Best Buy is investigating allegations that Dunn, who is married with three children, used company resources to carry out an inappropriate relationship with a female employee.

• Mikan writes a memo to employees that says the company is developing a new "blueprint for growth." The initiative follows a previously announced restructuring that includes $800 million in cost reductions over the next three years.

THURSDAY

• Best Buy says it will release to the public its findings of the investigation into Dunn in a matter of weeks.

• Company officials say a permanent CEO will be in place in six to nine months, and a search committee will be led by Kathy Victor, a board of director who is founder and president of an executive coaching firm. Mikan is named as a candidate for the position.

• Star Tribune confirms that Best Buy had retained an outside legal team to lead the Dunn investigation -- Tom Strickland, who served as U.S. attorney for Colorado, and William McLucas, a former director of enforcement for the Securities and Exchange Commission.

FRIDAY

• Best Buy stock closes at $22.04 a share, down 40 cents from its opening on Tuesday.

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close