Revolving door in Best Buy executive suite

  • August 20, 2012 - 9:06 PM


2009: Brian Dunn succeeds Brad Anderson as Best Buy CEO.

December 2011: Best Buy Chairman Richard Schulze receives allegations about Dunn's personal behavior.

March 7: Robert Stephens, founder of Geek Squad and chief technology officer of Best Buy, resigns to pursue other opportunities.

March 9: Best Buy hires former Starbuck's executive, Stephen Gillett, to lead its digital efforts as executive vice president and president of Best Buy Digital and Global Business Services

April 10: Dunn abruptly resigns from Best Buy. The company acknowledges the board's audit committee had initiated an investigation of alleged personal misconduct by Dunn; Best Buy director George "Mike" Mikan is named interim CEO.

April 20: Best Buy board names four-member committee to search for new CEO.

May 3: Barry Judge, Best Buy's executive vice president and chief marketing officer, leaves

May 16: Best Buy board releases results of investigation, says Schulze failed to alert the board of allegations against Dunn; Schulze is to remain chairman until the June annual meeting.

May 21: Best Buy discloses compensation of interim CEO Mikan. The package included up to $3.3 million in cash and bonus depending on length of stay.

May 22: Ryan Robinson, Best Buy's second-highest finance executive and chief financial officer of Best Buy's U.S Business unit, leaves to join MedExpress.

June 7: Schulze resigns early from board of directors in order to explore his options; board member Hatim Tyabji is named chairman.

June 21: After the Best Buy annual meeting, the board changes company bylaws and adopts a takeover defense that requires an investor to own at least 25 percent of the company shares before calling a special shareholder meeting.

June 27: Best Buy's board rewards company executives with $2 million in retention bonuses.

July 31: Star Tribune confirms that Schulze has recruited former Best Buy CEO Brad Anderson and former President and COO Allen Lenzmeir to join his takeover team.

Aug. 6: Schulze announces plans to acquire Best Buy, saying he's ready to pay as much as $8.8 billion, or between $24 and $26 a share.

Aug. 20: Best Buy announces it has hired Hubert Joly as CEO. Joly had been CEO of Carlson, the hospitality giant, since 2008 until he stepped down Friday.


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