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Posted in 2012, Retail Trade | 0 comments

Best Buy Executives

Best Buy Executives

Best Buy: Brian Dunn (CEO) & Richard Schulze (Chairman/Founder)

As online retail industry continues to show robust growth, Best Buy fought to maintain its performance as one of the largest consumer electronics retailer in the U.S. In 2012, Best Buy received a one-two punch that may knock it out for good. Two of the most important figures of the company: Brian Dunn (CEO) with the company for nearly 30 years, and Founder Richard Schulze who started the company in 1966, resigned. Best Buy is now a $50 billion online and retail behemoth. Dunn abruptly resigned as CEO amid of an investigation over an inappropriate relationship with an employee. The blind side occurred when Richard Schulze stepped down because a further investigation indicated that he was aware of the relationship between Dunn and the employee but withheld that knowledge. We know second-hand smoke kills, apparently so does first-hand knowledge of an affair. Best Buy had no easy task ahead with their leaders in place. It is getting hammered by etailers on price and must respond. Two significant founding leaders leaving at the same time at any time is unprecedented. The future of Best Buy is a big question mark.