Best Buy head Brian Dunn has resigned from his position as CEO and director, the company hastily announced today. Director G. Mike Mikan will step in as interim CEO while the company searches for a new CEO.
“There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures,” the company wrote in a press release. “There was mutual agreement that it was time for new leadership to address the challenges that face the company.”
Best Buy has increasingly become a showroom for Amazon, which more often than not sells the same electronics goods as Best Buy but at a lower cost. The company likely realizes how many challenges it faces to keep consumers coming to its stores. Under Dunn, Best Buy recently announced that it would close 50 stores to help it edge back to being a profitable company.
Dunn started as a Best Buy store associate in 1985 and eventually worked his way up to CEO in June 2009. When he started, Best Buy began facing incredibly tough competition from Amazon and Walmart. Dunn did not radically change the company’s strategy to deal with these threats. Still, Dunn leaves on a forcibly upbeat note:
“I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future,” said Dunn. “I am proud of my fellow employees and I wish them the best.”
Best Buy photo: Pat Pilon/Flickr