Best Buy's board of directors has hired the Spencer Stuart executive search firm to help the board find a new CEO for the consumer electronics retailer.
The search is expected to take up to nine months, and interim CEO George "Mike" Mikan will be considered. Until a new permanent CEO is selected, Mikan will be paid about $65,000 a week. He'll also receive up to $5 million worth of Best Buy stock.
Mikan has been on Best Buy's board of directors since 2008. He was an executive vice president at UnitedHealth Group until he resigned last July to run a private equity fund.
He took over as Best Buy's interim CEO last month, after Brian Dunn resigned as the board investigated his conduct with a much younger female employee. The board determined the Dunn's relationship with the employee demonstrated extremely poor judgment and a lack of professionalism.