BEST BUY CEO RESIGNS

RELATED QUOTES

SymbolPriceChange
BBY39.02-0.46

Just announced by the company:

Brian Dunn, the CEO of big box giant Best Buy, is resigning.

It was just on March 29 that the CEO announced a massive restructuring and layoff plan.

The company has been getting creamed on all fronts, especially in the world of media, where the rise of digital media has totally gutted a key part of the compan's business.

For more on their recent implosion, see here >

Here's the full announcement.

--------

INNEAPOLIS--( BUSINESS WIRE )--The board of directors of Best Buy Co., Inc. (NYSE:BBY - News) today announced that Brian Dunn has resigned as chief executive officer and director. There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures. There was mutual agreement that it was time for new leadership to address the challenges that face the company. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway. Richard Schulze, the founder of Best Buy, continues to serve as chairman.

“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors”

“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,” said Dunn.

“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors,” said Schulze. “As we move forward, we are very pleased to have a strong leader with Mike Mikan’s credentials as interim CEO.”

“The Best Buy team and I will be extremely focused on successfully managing this period of transition. 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,” said Mikan.

Mikan, who will remain on the board while serving as interim CEO, has been a Best Buy director since April 2008. He formerly served as executive vice president and chief financial officer of UnitedHealth Group Incorporated and chief executive officer of Optum, a health care services company and affiliate of UnitedHealth. Mikan has strong financial and operational expertise, as well as public company leadership experience.

A search committee of the board of directors has been created consisting of the founder and members of the nominating, corporate governance and policy committee. The committee will oversee the process for the identification and selection of the next CEO.

About Best Buy Co., Inc.

Best Buy Co., Inc. (NYSE: BBY - News) is a leading multi-channel global retailer and developer of technology products and services. Every day our employees - 167,000 strong - are committed to helping deliver the technology solutions that enable easy access to people, knowledge, ideas and fun. We are keenly aware of our role and impact on the world, and we are committed to developing and implementing business strategies that bring sustainable technology solutions to our consumers and communities. For information about Best Buy, visit www.bby.com and to shop at Best Buy, visit www.bestbuy.com.

SEE ALSO: The 39 Most Innovative Companies In The World >

More From Business Insider

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Oil falls on bullish Fed talk and rising dollar AFP - 8 minutes ago

    Oil prices fell on Monday as the dollar rose following relatively bullish talk from the US Federal Reserve. In an address on Friday, US Fed Chair Janet Yellen said there was growing justification for a ... … More »

  • Oil down on glut, dollar; Nigeria rebels add to bearish outlook
    Oil down on glut, dollar; Nigeria rebels add to bearish outlook Reuters - 16 minutes ago

    Oil prices settled down more than 1 percent on Monday, snapping two consecutive days of gains, on caution over galloping Middle East crude output and a firmer dollar boosted by speculation of a U.S. rate hike by year-end. A pledge by Nigerian … More »

  • Grain lower, livestock mixed Associated Press - 18 minutes ago

    Grain futures were lower Monday on the Chicago Board of Trade. Wheat for Sept. declined 13 cents at $3.7050 a bushel; Sept. corn lost 4.50 cents to 3.1175 a bushel; Sept. oats was off 7 cents at $1.62 ... … More »

  • Gold turns up from near five-week low as dollar eases
    Gold turns up from near five-week low as dollar eases Reuters - 38 minutes ago

    NEW YORK/LONDON (Reuters) - Gold rebounded from a near five-week low as the dollar dropped on Monday, shrugging off earlier pressure by top Federal Reserve officials' comments fuelling speculation that U.S. interest rates would rise sooner rather … More »

  • EU to hand Apple Irish tax bill of over 1 billion euro, source says
    EU to hand Apple Irish tax bill of over 1 billion euro, source says Reuters - 43 minutes ago

    The European Commission will rule against Ireland's tax dealings with Apple on Tuesday, two source familiar with the decision told Reuters, one of whom said Dublin would be told to recoup over 1 billion euros in back taxes. The Commission declined … More »

  • China’s Credit Party Winds Down in Headwind for Economic Growth Bloomberg - 56 minutes ago

    The amount of local yuan bond sales minus maturities fell 39 percent in August from a year earlier for non-financial firms to 124 billion yuan ($18.6 billion), data compiled by Bloomberg show. China must balance cutting corporate debt, which more … More »

  • U.S. Stocks Approach Record High on Economic Data; Oil Slumps Bloomberg - 57 minutes ago

    Brazil’s Ibovespa extended the world’s biggest gain this year on speculation President Dilma Rousseff will be permanently removed from office. The monthly jobs report due this Friday may provide more clues on whether policy makers will have room to … More »

  • Estonia fails to elect president in first round
    Estonia fails to elect president in first round AFP News - 1 hour 16 minutes ago

    Estonia's parliament failed to elect a president Monday after none of the contenders for the largely ceremonial role received the necessary two-thirds majority of votes in round one of the race. The presidential election in the small Baltic state, … More »

  • Copper Drops to Lowest in Two Months on Ample Supply, China Woes Bloomberg - 1 hour 46 minutes ago

    Inventories tracked by exchanges in Shanghai, London and New York climbed five straight days last week to the highest since May. Barclays said in a report that a recent slump in the copper market “may be an early warning sign of weakening in China’s … More »

  • U.S. assets gain, European shares dip on Fed rate hike bets
    U.S. assets gain, European shares dip on Fed rate hike bets Reuters - 1 hour 49 minutes ago

    U.S. stock markets and the dollar climbed on Monday while European share markets fell, following comments by top Federal Reserve officials that bolstered expectations for an interest rate hike by the U.S. central bank this year. Fed Chair Janet … More »

  • Yale grad students file petition seeking union certification Associated Press - 2 hours 8 minutes ago

    Yale University graduate students on Monday petitioned the National Labor Relations Board for union recognition, saying they have organized to address concerns surrounding pay and benefits and give themselves ... … More »

  • South African Treasury, Eskom row over coal contracts as government rifts deepen Reuters - 2 hours 20 minutes ago

    South Africa's Treasury and state-owned Eskom clashed on Monday over a probe into coal contracts between the power utility and a company linked to the wealthy Gupta family that is accused of holding undue political sway over President Jacob Zuma. … More »

  • European privacy regulators to scrutinise WhatsApp privacy switch Reuters - 2 hours 25 minutes ago

    Facebook's move to relax the privacy policy of WhatsApp, the world's most popular mobile messaging application, will be closely scrutinised, the chair of Europe's leading group of privacy regulators said on Monday.     WhatsApp, which counts more … More »

  • US alarm as Turkey warns Syrian Kurd militia of more strikes
    US alarm as Turkey warns Syrian Kurd militia of more strikes AFP News - 2 hours 30 minutes ago

    Turkey warned Monday it would carry out more strikes on a Syrian Kurdish militia if it failed to retreat beyond the Euphrates River, as Washington voiced alarm over weekend clashes. Turkish forces pressed on with a two-pronged operation inside … More »

  • Berlin to require mums to come clean on 'milkmen's kids'
    Berlin to require mums to come clean on 'milkmen's kids' AFP News - 2 hours 47 minutes ago

    Germany has drafted a law requiring mothers to inform their partners if their children were fathered by another man, Justice Minister Heiko Maas said on Monday. It would apply to cases in which men who believe they are not the real fathers seek … More »

  • RUBBER-Tokyo futures prices after evening session Aug 29 Reuters - 3 hours ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Sep 156.0 25 - - * Oct 156.0 86 156.0 1 * Nov 153.8 75 153.6 ... … More »

  • Four Nomura Investment Bankers Said to Leave as Firm Shrinks Bloomberg - 3 hours ago

    Jason Fertig, who led Nomura’s health-care investment-banking group in the Americas, and Matthew Upton, a banker in the firm’s global-technology team, are joining Mizuho Financial Group Inc., the people said, asking not to be identified discussing … More »

  • Markets Right Now: Banks lead US stocks higher on rate hopes Associated Press - 3 hours ago

    The latest on developments in global financial markets (all times local): 11:45 a.m. Banks are leading stocks higher at midday as investors hope for higher interest rates. Wells Fargo, the nation's largest ... … More »

  • JPMorgan Index Move Puts $370 Billion Islamic Debt on Fund Radar Bloomberg - 3 hours ago

    Shariah-compliant notes will be eligible for inclusion in five JPMorgan gauges from Oct. 31 and will account for between 0.35 percent to 0.99 percent of total assets on the benchmarks, according to an Aug. 18 statement by the bank. Sukuk will be … More »

  • Yuan Bears Emerge From Hibernation as Fed Threatens G-20 Calm Bloomberg - 3 hours ago

    Derivative markets are pointing to renewed bets on yuan depreciation, with a three-month measure of expected price swings poised for the biggest monthly increase since January. The increased pessimism comes after a period of calm that sent the … More »

  • Statoil expects 'loads of' M&A deals coming up, strategy chief says
    Statoil expects 'loads of' M&A deals coming up, strategy chief says Reuters - 4 hours ago

    ** Says: "If you look at the acquisition and divestment markets for upstream oil and gas on a global basis over the last five years, they have been falling to all-time lows... but there are a number of active spots, one of those is in certain parts … More »

  • Liz Weston: 5 money myths you probably believe
    Liz Weston: 5 money myths you probably believe Associated Press - 4 hours ago

    Managing money can be complicated, and myths are often born from people's struggles to make it simpler. But simplistic solutions can cost you instead of saving you money. If you believe any of these five ... … More »

  • BOJ Needs Massive Move to Shock & Awe, $2 Trillion Investor Says Bloomberg - 4 hours ago

    “It is how much they do, and whether they can create that kind of shock and awe at this point in the cycle,” said Mark Haefele, global chief investment officer at UBS Wealth Management, in a Bloomberg Television interview, on Monday. “They could … More »

  • Singapore's GIC buys stake in Vietnam's bank AFP News - 5 hours ago

    Singapore sovereign wealth fund GIC will buy a 7.7 percent stake in Vietnam's biggest bank, both companies said in a joint statement on Monday. GIC signed a memorandum of agreement to buy 305.8 million new shares of Vietcombank, the fund's first … More »

  • Wall St rises as hawkish Fed boosts financial stocks
    Wall St rises as hawkish Fed boosts financial stocks Reuters - 5 hours ago

    Yellen, addressing a gathering of global central bankers on Friday, said the central bank was close to meeting its goals of maximum employment and stable prices, while describing consumer spending as "solid". Yellen gave little indication of when … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.124-0.005-3.88%
    N21.SI
    0.735-0.020-2.65%
    G13.SI
    0.128+0.014+12.28%
    RE4.SI
    0.3550.0000.00%
    E5H.SI
    4.12-0.10-2.37%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.355+0.115+47.92%
    BAZ.SI
    0.151+0.024+18.90%
    D79.SI
    0.23+0.03+15.00%
    AWI.SI
    0.475+0.060+14.46%
    588.SI
    0.128+0.014+12.28%
    RE4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.105-33.87%
    BCZ.SI
    0.25-0.10-28.57%
    BKX.SI
    0.13-0.05-27.78%
    AYL.SI
    0.165-0.055-25.00%
    BKZ.SI
    0.745-0.130-14.86%
    564.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3595+0.0013+0.09%
    USDSGD=X
    1.5203+0.0007+0.05%
    EURSGD=X
    1.7810+0.0001+0.01%
    GBPSGD=X
    74.9480+0.266+0.36%
    SGDJPY=X
    5.7030-0.0017-0.03%
    SGDHKD=X
    2.9772+0.0109+0.37%
    SGDMYR=X
    9,759.0078+10.8193+0.11%
    SGDIDR=X
    4.9125+0.0063+0.13%
    SGDCNY=X
    1.0296+0.0033+0.32%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,326.20+0.30+0.02%
    GCZ16.CMX
    18.82+0.16+0.88%
    SIU16.CMX
    96.92+1.12+1.17%
    ^XAU
    2.080.00+0.12%
    HGU16.CMX
    46.98-0.66-1.39%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.18-0.06
    ^FVX
    1.57-0.07
    ^TNX
    2.22-0.08
    ^TYX