Best Buy CEO Brian Dunn has resigned from the company, with the retailer citing a need for fresh leadership to take the business forward.
The US retailer, which owns a 50% stake in Carphone Warehouse, said there had been no 'disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures'. However, the business had a disastrous 2011, losing $1.7bn and paying out $2.6bn during the fourth quarter of last year because of its exit from Europe and write-off of the business, restructuring charges and the purchase of Carphone Warehouse's stake in a Best Buy retail joint venture in the US.
Director general Mike Mikan has been named interim CEO. Best Buy founder Richard Schulze will continue to serve as chairman.
Dunn, who started work at Best Buy on the shopfloor in 1985, said: 'I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future. I am proud of my fellow employees and I wish them the best.'
Editor: Graeme Neill