Best Buy Names New CEO

Minneapolis Best Buy Co. said Wednesday it named president and COO Brian J. Dunn as the chain's new chief executive effective June 24.

Dunn, 48, will replace Best Buy’s current CEO, Bradbury H. Anderson, 59, who is retiring. The company said Dunn will also be named to its board of directors and stand for election at the 2010 meeting of shareholders.

Dunn became the company's president three years ago. He began as a store associate in 1985, when Best Buy operated just a dozen stores, and has held several executive roles since.

Best Buy said Bradbury will complete his term as vice chairman after he steps down June 24, which is the scheduled date for the company's regular meeting of shareholders.

Best Buy said it had not yet chosen who will succeed Dunn as president and COO.

The news comes at the company, similar to many retailers, suffered through a tough holiday season and is cutting back its growth to save capital and adjust to the current economic conditions.