A sharp-eyed tipster saw this story on the Bloomberg site in which a spokesperson from Hill + Knowlton Strategies, Claire Koeneman, the firm’s EVP and head of the financial comms practice, responded to questions about the abrupt resignation of Best Buy’s CEO Brian Dunn. Koeneman was named H+K’s financial practice lead back in June.
We contacted H+K about the story and while the agency confirmed that it is working with the troubled consumer electronics retailer following the CEO’s departure, it wouldn’t give any further detail.
When Dunn’s resignation was first announced, the company said it was due to the need for new leadership. However, now the media is reporting that there’s an investigation into his “personal conduct.”
“Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated,” reads Koeneman’s comment. “Prior to the completion of the investigation, Mr. Dunn chose to resign.”
Board member and former UnitedHealth CFO G. Mike Mikan is stepping in as interim CEO.
Not even two weeks ago, Best Buy said the company would be making (not-so-) big changes after a weak earnings report and constant talk throughout the media about Best Buy shops becoming “showrooms” for Amazon sales. Dunn had been criticized recently for his failure to move on this shift in consumer shopping habits. Financial details about Dunn’s departure haven’t been disclosed.
Dunn rose from a Best Buy salesperson to its top leadership spot.