Best Buy

Minneapolis -- Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board's audit committee.

Schulze will serve out the remainder of his term as director. Best Buy said its board has elected director Hatim Tyabji to succeed Schulze as chairman, effective at the conclusion of the annual meeting on June 21.

Minneapolis -- According to a Wednesday filing by Best Buy, former CEO Brian Dunn may receive either $3.1 million or zero in termination payments following his highly publicized resignation.

The payout is dependent on whether or not Dunn is determined to have left voluntarily on April 9.

In the filing, Best Buy said it is reviewing Dunn’s compensation pending its investigation into his personal conduct.

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry. What may have been surprising to some — myself included — is their plan to roll out 100 Best Buy Mobile stores.

Minneapolis -- Best Buy Co. has announced the members of its CEO search committee. The company said the committee will oversee a global search process to identify internal and external candidates, including current interim CEO Mike Mikan.

As part of Best Buy’s commitment to transparency, the company said the board will also publicly announce the selected search firm and will post the position on the company website. The final search firm selection will be announced in the next few weeks.

Minneapolis -- In a video released by Best Buy and reported by Bloomberg, Best Buy Co. interim CEO Mike Mikan told employees on Thursday that his No. 1 priority in his new role is to execute the changes the company announced last month and plan a new direction for the retailer.

“In the days and weeks ahead, I’ll be working with our leadership team on a long-term vision, a path toward the future that will connect Best Buy with customers across multiple channels while improving performance,” Mikan said.
 

MINNEAPOLIS — Best Buy on Saturday revealed the locations of the 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota. The chain has already closed two locations: one in Missouri and one in Arizona.

Most of the remaining 48 stores will close by May 12, with three stores scheduled to close this summer.

Minneapolis -- Best Buy on Saturday announced the locations of the 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota. The chain has already closed two locations: one in Missouri and one in Arizona.

Most of the remaining 48 stores will close by May 12, with three stores scheduled to close this summer.

Minneapolis -- In a surprise announcement, Best Buy Co. said Tuesday that CEO Brian Dunn has resigned from the company. Company director G. Mike Mikan has been named interim CEO. Richard Schulze, the founder of Best Buy, continues to serve as chairman.