Monday, May 14, 2012
Best Buy releases its investigation findings on former CEO's conduct and the company's founder will step down.
Best Buy founder Richard Schulze will step down as chairman after an investigation found that he failed to alert the board about allegations of now-former CEO, Brian Dunn, having an inappropriate relationship with a 29-year-old female staffer. According to Bloomberg Business, the committee charged with investigating Dunn's conduct found that he acted inappropriately, such as sending multiple e-mails and text messages to the woman, lending her money and giving her free tickets to concerts and sporting events. Dunn resigned April 9 in the midst of the investigation. “The growing awareness and speculation surrounding the friendship created friction and disruption in the workplace," the committee said. "And, according to her supervisor, …
Thursday, May 10, 2012
Best Buy must determine if Brian Dunn's resignation was voluntary or involuntary.
After resigning as Best Buy's CEO April 9, Brian Dunn may receive as much as $3.2 million in termnination payments, depending on whether his departure is deemed voluntary. According to Bloomberg Business, Dunn would be entitled to payment if it's decided that he left involuntarily. He could get nothing if deemed voluntary. The severance package would be made up of straight cash and stock awards. When Dunn's resignation was announced, the company stated his leave was a "mutal agreement." Dunn resigned shortly after the company announced a major decline in fourth-quarter earnings, plans to close 50 U.S. stores and downsize others. Hours after his resignation, allegations that he had an inappropriate relationship with a female staffer …
Wednesday, May 2, 2012
Another high-profile executive announces his departure from the company.
Best Buy's chief marketing officer, Barry Judge, resigned Wednesday bringing the count of high-level execs taking their leave to three. Judge's announcement comes less than a month after former CEO Brian Dunn resigned, however, the depatures are reportedly not related. Dunn was and is being investigated for allegedly having an inappropriate relationship with a female staffer. Geek Squad founder Robert Stephens also resigned in March. According to the Pioneer Press, Stephen Gillett, who joined the company in March, will take over responsibilities for marketing, customer research and customer marketing. The company is still in the process of finding a new CEO. Richfield Patch will update readers as more information becomes available. Sign up…
Friday, April 20, 2012
External and internal candidates will be considered as Brian Dunn's successor.
Best Buy's board of directors announced it was putting together a committee charged with finding former CEO Brian Dunn's replacement Friday. Dunn resigned last week amid a personal conduct investigation with allegations that he had used company funds to pursue an inapprorpiate relationship with a female staffer. Dunn rose to the CEO position in 2009 and spent nearly 30 years with the company. According to a company press release, the search committee is headed by board member Kathy J. Higgins Victor, who will hire a search firm to identify external and internal candidates, including interim CEO Mike Mikan. The chosen firm will be announced in coming weeks. A Bloomberg Business article named board members Lisa Caputo, Ronald James and …
Thursday, April 12, 2012
Former CEO Brian Dunn announced his resignation Tuesday amid an investigation into his personal conduct.
After abruptly announcing his resignation Tuesday, former Best Buy CEO Brian Dunn is under investigation for allegedly using company funds to carry out an inappropriate relationship with a female staffer, according to the Star Tribune. Best Buy acknowledged that Dunn's personal conduct was being investigated by the company's board of directors Tuesday, however, would neither confirm or deny Dunn's reported behavior with a staffer. Dunn has yet to respond to the allegations as well. According to the Star Tribune's report, a source close to the company said the board was investigating multiple complaints that Dunn had been inappropriate with a female employee. Dunn's resignation came less than two weeks after the company announced it planned…
Caitlin Burgess
1:47 pm on Monday, May 14, 2012
I know. There is still more to come. They still need a replacement CEO and I haven't seen anything on how much money Dunn will or will not be getting as a severance. more ›