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Best Buy CEO Search Begins, Could Take 6-9 Months

4/12/2012 05:10:33 PM Eastern

Minneapolis - Best
Buy's board is creating a committee to run a global search process to hire a
new CEO, which is expected to take six to nine months to complete.

In a company
statement, the committee will be headed by Kathy J. Higgins Victor in her role
as chairwoman of the nominating committee, who will oversee a thorough search
process to identify internal and external candidates, including current interim
CEO Mike Mikan.

Six search firms
will be interviewed, and the final search firm partner will be selected in the
next few weeks.

"The board will
run an open and transparent process, will publicly announce the committee
members and the selected search firm, and will post the job description on the
company website, as it does with director searches," Best Buy said in a
statement.

No mention was
made of the investigation of Brian
Dunn
, who resigned as CEO on Tuesday for possible personal misconduct. Best
Buy has not commented on reports from anonymous sources on the nature of the
misconduct.