Best Buy CEO Resigns After Earnings Miss
Just a couple of weeks ago, Best Buy had reported their earnings for Q4 fiscal 2012. They missed Wall Street estimates, and at the time of reporting, had decided it would be best to call the closing of 50 U.S. best Buy retail stores as a way to 'stop the bleeding' if you will.
Fast Forward to today: Best Buy CEO and Director Brian Dunn has resigned after 28 years with the company. Best Buy put out a press release stating the usual 'We thank him for his time, and wish him luck', ingredients typical of a Board who is obviously looking to get out with the old and in with the new. As such, Best Buy has named Director G. Mike Mikan as interim CEO, until they find a suitable permanent replacement for Mr. Dunn.
The obvious question is whether this will actually help Best Buy turn things around and start producing more fruitful earnings. With online stores raking it in, and shoppers becoming more and more informed on pricing due to the ability to 'Window Shop' both in retail stores and online, Best Buy may just be a dinosaur trying to survive in the tar pits of Internet business models.