In what is being deemed as a "leadership transition," Brian Dunn has stepped down as chief executive officer and director of Best Buy
. Director G. Mike Mikan will assume the role as CEO on an interim basis until a permanent replacement is found, Best Buy announced.
"There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies, or procedures," Best Buy said. "There was mutual agreement that it was time for new leadership to address the challenges that face the company."
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News of Dunn's departure can't come as a shocker to anyone who's been paying attention to Best Buy's struggles as of late. The electronics chain announced
less than two weeks ago plans to close 50 big-box brick-and-mortar stores and open less expensive mobile outlets, a move that would eliminate 400 positions and save the company $800 million by fiscal 2015. But is there more to the story?
"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," Best Buy said in a statement, according to The Wall Street Journal
. "Prior to the completion of the investigation, Mr. Dunn chose to resign."
Best Buy didn't say specifically why or how long it was investigating Mr. Dunn, who started off as a store salesman nearly three decades ago and worked his up to CEO in 2009. He was just the third CEO in Best Buy's history, WSJ reports.