Best Buy CEO Brian Dunn Resigns

Best Buy CEO Brian Dunn has resigned, the big-box retailer announced. Best Buy says the decision was a mutual agreement and there were no disagreements with Dunn about operations, financial controls, policies or procedures.

G. Mike Mikan, a Best Buy director since April 2008, has been named interim CEO while a search for a new CEO is underway.

“I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future,” said Dunn, who was named CEO in June of 2009. “I am proud of my fellow employees and I wish them the best.”

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The announcement comes less than two weeks after Best Buy announced a restructuring plan following a $1.7 billion loss for its fiscal fourth quarter. Best Buy said it will close 50 of its big-box stores in the United States and lay off 400 employees to help cut $800 million in costs by fiscal 2015.

Following that announcement, a “mini-tender” offer was made by TRC Capital to purchase 1.7% of Best Buy stock for 4.1% less than the market value of the shares. Best Buy yesterday urged shareholders to reject the offer.

Best Buy founder Richard Schulze will keep his role as chairman.

Shares were up 3.1 percent this morning on heavy volume after the news, according to the Wall Street Journal. However, the stock is now dropping dramatically.