Best Buy has been struggling to keep customers coming into its stores with competitors like Amazon that often sell the same electronics for less. The retail chain announced it would have to close 50 stores to return to a profit margin.
In the wake of these challenges, CEO Brian Dunn has resigned, handing over the reigns to director and board member G. Mike Mikian while the company searches for his replacement.
“There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures,” Best Buy stated in a press release. “There was mutual agreement that it was time for new leadership to address the challenges that face the company.”
Dunn started at Best Buy in 1985 as a store associate. By June 2009, he had worked his way up to CEO, right when the company was facing mounting pressure from Amazon and Walmart.
According to VentureBeat, “Dunn did not radically change the company’s strategy to deal with these threats.”
No Comments Yet
You can be the first to comment!
Leave a comment
You must be logged in to post a comment.