Best Buy CEO Brian Dunn resigned from the company after less than three years, Best Buy announced on Monday. The company statement about the resignation sought to paint it is an amicable parting, stating: " There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures. There was mutual agreement that it was time for new leadership to address the challenges that face the company."
Best Buy has struggled in recent years thanks to the surging popularity of Amazon.com and other retailers, which Best Buy inadvertently might have driven potential customers to by showing off high-priced gadget in its costly retail stores while customers just ordered cheaper online, Reuters pointed out. Best Buy also recorded losses in six of the last seven quarters.
Best Buy last month announced plans to close 50 U.S. stores, open 100 smaller retail outlets and shave $800 million in costs over the next five years, NPR reported.