Best Buy CEO Resigns, Company Now Citing Personal Conduct

From DailyTech: The body blows just keep coming for “big box” retailer Best Buy. The brick and mortar electronics retail giant has outlived competitors like Circuit City, but has faced increasing pressure from companies like Walmart, Sam’s Club, and Costco which have greatly expanded their electronics offerings in recent years. In addition, Best Buy has been experiencing tremendous pricing pressure from online giant Amazon.

In late March, Best Buy announced that it would close 50 of its roughly 1,100 retail stores in an effort to save $800 million. In addition to the workers displaced by the store closures, Best Buy also announced that it would eliminate 400 "corporate" and "support" workers.

Today, we learned that the number of people getting the axe has increased by one. Best Buy CEO Brian Dunn announced his “resignation” today. In this case, resignation most definitely means that Dunn was pushed out due to the company’s poor performance (the company has lost roughly half of its value in the past two years).

For its part, in a statement, Best Buy concluded, “There was mutual agreement that it was time for new leadership to address the challenges that face the company.”

“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,” added Dunn.

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