Earlier today, the retail world woke up to the news that Best Buy CEO Brian “My Job Here is” Dunn had resigned from his position as the head of the electronics retailer. But new statements released by the company shed a bit of light on just why Dunn ended his 28-year career at Best Buy so suddenly.
An outside PR consultant for Best Buy tells the Minneapolis Star-Tribune:
Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated. Prior to the completion of the investigation, Mr. Dunn chose to resign.
The early guesses about Dunn’s departure centered around the retailer’s less-than-stellar performance during this nearly three-year tenure as CEO. Between a flagging economy and the rapid growth of competition from online retailers, Best Buy had seen its market share stagnate in the U.S., where it recently announced the closing of 50 stores.
This statement from Best Buy HQ seems to imply that there is much more to Dunn’s exit than simple economics.
Let the wild, unfounded theorizing begin!