New CEO takes reins at Best Buy
Nearly 25 years after his first day of work as a sales clerk, Brian Dunn is the new CEO of Best Buy.
The 49-year-old became the third person to lead the nation's largest consumer electronics chain during the retailer's shareholder meeting today in Minnesota.
He succeeds Brad Anderson, who is retiring. Anderson will remain on the retailer's board until 2010.
Dunn's ascendancy comes at a critical time for the Richfield-based retailer. Even though its closest competitor liquidated earlier this year, Best Buy's sales at stores open at least a year have fallen for the past three quarters.
It also cut jobs and is facing new pressure from Wal-Mart, Amazon and Costco.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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