“Analysts said the news added another level of certainty after the Richfield, Minn.-based company said in late March it would shut 50 of its unprofitable big-box stores and reduce square footage in a series of restructuring moves that aim to cut $800 million in costs by fiscal 2015,” Cheng reports. “‘Investors see a company with structural problems, regardless of the CEO and now one undergoing leadership transition,” Telsey Advisory Group analyst Joe Feldman told MarketWatch. ‘Investors have wanted to see a CEO change for some time. Best Buy is likely to go after a strong operating CEO who has the courage to make tough, and possibly radical decisions.'”
Cheng reports, “Best Buy said it had no disagreements with the 51-year-old Dunn regarding operations, financial controls, policies or procedures. The company said the decision was mutual, adding ‘it was time for new leadership to address the challenges that face the company.’ The company named director Mike Mikan, 41, as interim CEO. Best Buy founder Richard Schulze continues to serve as chairman.”
Read more in the full article here.
MacDailyNews Take: Too bad for Best Buy that Ron Johnson is already onto his next challenge.
Best Buy posts $1.7b loss, to close 50 U.S. stores, cuts 400 corporate-level jobs – March 29, 2012
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