Best Buy CEO quit over 'personal conduct'

Paul Sakuma / AP

"I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future," former CEO Brian Dunn said in a statement.

By Martin Wolk

Best Buy CEO Brian Dunn resigned as the company's board investigated issues related to his "personal conduct," the electronics retailer said late Tuesday.

Dunn's resignation was announced earlier in the day, less than two weeks after the company announced a $1.7 billion quarterly loss and plans to shut 50 of its struggling big-box stores.

Initially the company said the decision was made by "mutual agreement," and many analysts assumed the transition was related to the retailer's financial problems.

But late in the day the company revealed that Dunn had been under investigation at the time of his resignation.

"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," the company said. "Prior to the completion of the investigation, Mr. Dunn chose to resign."

The company did not provide additional details.

Dunn, a 28-year Best Buy veteran, announced a significant restructuring March 29, saying the company would let go about 400 corporate employees and invest in more smaller-format stores focused on mobile phones and tablets. The company's big-box stores have faced growing competition from rivals like Apple and Amazon.com.

Best Buy director G. Mike Mikan, a former health care industry executive, has been named interim CEO while the company searches for a new leader.

Best Buy shares tumbled 6 percent Tuesday to $21.32, near its 52-week low.

CNBC's Tyler Mathisen has the details of why Best Buy's CEO Brian Dunn announced his resignation. Anthony Chukumba, BB&T senior equity research analyst and CNBC contributor Stacey Widlitz weigh in on whether the company can be turned around.

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