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Best Buy CEO Brian Dunn Resigns

Consumer electronics retailer Best Buy (NYSE:BBY) has shed CEO Brian Dunn, who has resigned and left the company.

Best Buy released a statement this morning describing Dunn’s departure as a “mutual agreement.” The statement said “there were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures.”

Mike Mikan, a current director, has been named interim CEO, while the board initiates a search for a new CEO.

“We thank Brian Dunn for his many years of service to the company and wish him well in his next endeavors,” Best Buy founder Richard Schulze said in the company statement.

Dunn reigned as CEO for three years, capping a 28-year career at the company, where he began as a store clerk, The Wall Street Journal said.

Investors greeted the move with some initial enthusiasm, the Journal said, noting the stock shot up 3.1% on the news. (Shares later reversed and are down by around 3% in mid-morning trading.)

Dunn’s resignation follows last month’s announcement that Best Buy will shed 400 employees and close 50 of its “big box” stores in an effort to reorganize its business and lower costs by $800 million. The company has also contemplated a move away from the oversize store model and planned a test of a series of stripped-down outlets in selected cities, the Journal said.

Best Buy has been hammered by competition from online retailers like Amazon (NASDAQ:AMZN) and rising costs in recent years.

The Journal noted news of Dunn’s resignation was released early this morning, after stock trading had started, an unusual move for companies, which typically wait until the trading day is over to announce such news.

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