Best Buy to take 6-9 months to name new CEO
By Dhanya Skariachan
NEW YORK (Reuters) - Best Buy Co's (BBY.N: Quotazione) board expects to take six to nine months to find a permanent replacement for CEO Brian Dunn, who resigned abruptly earlier this week.
That will leave G. Mike Mikan, who was named interim CEO when Dunn abruptly resigned amid a probe into allegations of personal misconduct, in charge of the world's largest consumer electronics retailer for some time as it struggles in a competitive and changing sales environment.
The Minneapolis Star Tribune and other media reported on Thursday that Best Buy's audit committee is investigating whether Dunn used company resources to carry on an inappropriate relationship with a female staffer.
Dunn has not responded to several attempts from Reuters this week requesting comment on the probe.
Greg Hitt, an outside spokesman for Best Buy's board, declined to comment on details of the board's investigation or the media reports.
Best Buy is creating a committee to run the search for a new CEO, the company said in a statement on Thursday evening.
The committee will be headed by Kathy J. Higgins Victor, a board member and chairwoman of Best Buy's nominating committee, the retailer said.
Six to nine months "seemed like a long time particularly given the rapid pace of change in the consumer electronics retailing industry," BB&T Capital Markets analyst Anthony Chukumba said. Continua...