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Best Buy CEO has worst day [Boston Herald](Boston Herald (MA) Via Acquire Media NewsEdge) April 10--Best Buy's CEO stepped down yesterday amid an investigation into his personal conduct as the struggling consumer electronics chain continues efforts to better compete against online retailers. The Minneapolis retailer said Brian Dunn, who had logged 28 years with Best Buy and served as CEO since June 2009, resigned by "mutual agreement" and that it was "time for new leadership to address the challenges that face the company." The company later confirmed the board had been investigating "certain issues" regarding Dunn's "personal conduct" before he abruptly resigned. The announcement came less than two weeks after Dunn unveiled a "transformation" plan that included $800 million in cost cuts to improve customer service and grow online sales, the closing of 50 big-box stores and the opening of 100 small-format mobile stores. But while Best Buy is down, it can't be counted out, said Anthony Chukumba, a BB&T Capital Markets analyst, noting the chain's $50.7 billion in sales and $2.5 billion in cash for the last fiscal year, for which the company reported a $1.2 billion net loss -- its first in 20-plus years. "Best Buy has a long time -- a very, very long time -- to figure it out," Chukumba said. "If Sears Holdings is still in business ..." Best Buy board member Mike Mikan will serve as interim CEO. Herald wire services contributed to this report. [email protected] ___ (c)2012 the Boston Herald Visit the Boston Herald at www.bostonherald.com Distributed by MCT Information Services |