Best Buy CEO Resigns; Company Cites Need for New Leadership

Retailer Has Been Increasing Advertising, Streamlining Creative Message

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Amid a tough environment for the world's largest electronics retailer, Best Buy CEO Brian Dunn has resigned. company said board member G. Mike Mikan would be interim chief while a committee of directors searches for a permanent CEO.

In a statement, Best Buy took pains to note that "there were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures." The change was a "mutual agreement" that new leadership was needed to address the company's challenges, the statement said.

Mr. Dunn, who had a 28-year career with Best Buy, had been cutting staff jobs and shifting to smaller store formats as a response to competition from internet retailers such as Amazon. Best Buy has also been streamlining its creative messages and increasing spending. It has purchased time during the Super Bowl the past two years.

The company ranks as the 56th-largest advertiser, with $666.5 million in U.S. ad spending, including measured and unmeasured media, according to Ad Age 's DataCenter. It works with CP&B, Razorfish, Starcom and CHI/Wunderman.

"The Best Buy team and I will be extremely focused on successfully managing this period of transition," Mr. Mikan said in a statement. "I want to assure our employees, customers and other key stakeholders that we will work together to achieve our company's growth and profitability goals."

Bloomberg News

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