Best Buy CEO Brian Dunn yesterday announced his resignation effective immediately. His resignation is one of the most talked about developments in the business world at the moment. Brain Dunn was the CEO and director of Best Buy. He made this decision soon after the company didn’t meet Wall Street’s estimates in the last quarter. Best Buy started divesting and announced a plan to close almost 50 large stores. These large stores will be replaced by smaller and Best Buy Mobile locations.
The interim CEO for the company is Director G. Mike Mikan.
Brian J. Dunn, 50, had been a director since June 2009. He brings with him 26 years of authentic experience in the industry. He comes with a very inspiring career journey. Brian began working for Best Buy as a store associate in 1985, when Best Buy had not expanded as a business.
Brian Dunn became the chief operating officer in 2006. According to the Forbes magazine, “Mr. Dunn was President Retail, North America from 2004 to 2006. He served as an Executive Vice President Best Buy U.S. Retail from 2002 to 2004. Prior to that, he served as, Senior Vice President, Regional Vice President, Regional Manager, District Manager and Store Manager.”
His stint with Best Buy is considered to be one of the most successful ones and his hard work can now be seen in the form of actual results like a significant increase in market share growth, employee retention, vendor relationships and customer satisfaction scores.
As far as the economic repercussions of his resignation are concerned, his departure was able to increase Best Buy’s stock price by 3%. Heavy trading was seen after his announcement but the business is dropping back to normal post the initial rise.
Those who are interested in reading what Best Buy has to say about Brian Dunn’s resignation can read an excerpt from their press release below. You can read the full version on Tech Crunch.
“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors.” Dunn talked about his resignation by saying, “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.”