MINNEAPOLIS — After nearly 30 years, Brian Dunn has resigned as CEO and director of Best Buy. According to the company, Dunn's decision to resign was mutually agreed upon with the company and was not the result of any disagreement with himself and Best Buy. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway. Richard Schulze, the founder of Best Buy, continues to serve as chairman.
“I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future. I am proud of my fellow employees and I wish them the best,” said Dunn.
Mikan, who will remain on the board while serving as interim CEO, has been a Best Buy director since April 2008. He formerly served as EVP and CFO of UnitedHealth Group and CEO of Optum, a healthcare services company and affiliate of UnitedHealth. Mikan has strong financial and operational expertise, as well as public company leadership experience.
A search committee of the board of directors has been created consisting of the founder and members of the nominating, corporate governance and policy committee. The committee will oversee the process for the identification and selection of the next CEO.
Whomever assumes the CEO role will have to contend with a struggling company that recently announced plans to close 50 of its signature big-box stores and posted a fourth quarter loss of $1.7 billion.