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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.
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