“The exodus from Best Buy Co. Inc.’s executive suite continues.
Ryan Robinson, the company’s No. 2 finance official and chief financial officer for Best Buy’s U.S. business unit, is stepping down, a source close to the company told the Star Tribune.”
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“Don’t count out Best Buy just yet.
Though it is beset with the distractions of leadership turmoil and a slumping stock price, Best Buy Co. Inc. remains a global powerhouse — a company that sells more televisions, computers and tablets than any other retailer in the world.
Combined with its investments in e-commerce, Geek Squad and smaller mobile stores, Best Buy has ample time and money to thrive in the Internet age, just as it conquered traditional retailing with its ubiquitous big boxes, industry analysts say.”
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“Another top Best Buy Co. Inc. executive has left the troubled retailer.
Dave Deno, chief financial officer of Best Buy’s international division and president of its Asia region, recently joined OSI Restaurant Partners as its executive vice president and CFO, according to a document filed with the Securities and Exchange Commission.
OSI is best known as the parent of the Outback Steakhouse chain. Best Buy confirmed Deno’s departure late Friday.”
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“Best Buy Co.’s top marketing chief has left the company, sources tell the Star Tribune.
Barry Judge, executive vice president and chief marketing officer (CMO), resigned from the Richfield-based consumer electronics giant earlier this week. A Best Buy spokesperson declined to comment.”
By Ina Fried, AllThingsD.com
“Best Buy confirmed on Thursday that it is killing off Connect, the company’s private label mobile broadband service.
The service will “suspend operations” on June 1 (Best Buy initially said June 20); existing customers will be given the opportunity, where possible, to transfer their service to a different mobile broadband provider or given a gift card to purchase a new broadband device.”
“Best Buy Co., in the midst of an investigation of former CEO Brian Dunn, may have other trouble to fend off.
The Minnesota-based retail giant has become an alluring target for a private takeover, according to industry sources. The nation’s largest consumer electronics chain generates more than $1 billion in cash a year and has relatively little debt.”
Via News Release
“RICHFIELD, Minn. – April 14, 2012 – Best Buy announced plans March 29, 2012 to close 50 U.S. stores as part of a number of key initiatives for this year. To date, we have closed two stores this year (one in Kansas City, Mo., and one in Scottsdale, Ariz.), plus have notified five Twin Cities stores and one San Antonio store that they will close later this year.
This morning, we have confirmed the remaining 42 store locations that will close. A complete list of store locations can be found at the end of this statement. Employees of these 42 stores have been notified this morning.”
By Roger Cheng, CNET
“At least Best Buy still has its cell phone business.
On the heels of a disappointing quarterly report and today’s resignation of CEO Brian Dunn, it’s easy to think the entire company is doomed to follow in the steps of fallen electronic chains Circuit City and CompUSA. Yet its mobile devices business — cell phones in particular– has been impressively resilient during its recent troubles.”
Via News Release
“MINNEAPOLIS, April 10, 2012 — The board of directors of Best Buy Co., Inc. (NYSE:BBY) today announced that Brian Dunn has resigned as chief executive officer and director. 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. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway. Richard Schulze, the founder of Best Buy, continues to serve as chairman. “
“Best Buy Co. Inc. CEO Brian Dunn has been busy this year: He is shepherding the biggest restructuring in the company’s history, hand-picking key executives, and overseeing the rollout of new store formats crucial to the retailer’s future.
For a guy who is perpetually in the hot seat, Dunn is making decisions like someone who is expecting to stick around.”
It might be educational for the other entrepreneurs in the community to know this isn't YC and the s...
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