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Best Buy's Dunn Investigation Widens: Report

5/10/2012 09:17:00 AM Eastern
Minneapolis - Best Buy is reportedly looking into whether some of its top executives withheld information about former CEO Brian Dunn's alleged improprieties from its board of directors.

According to a story in today's Star Tribune, a Minneapolis newspaper, the latest probe expands Best Buy's investigation into allegations that Dunn used company resources, including leased aircraft, while conducting an improper relationship with a female employee.

The newspaper cited unnamed sources who it said are close to the company and familiar with the investigation.

Best Buy's investigative team is led by a former U.S. attorney and a former enforcement director for the Securities and Exchange Commission. The company said the inquiry is still ongoing and that the findings will be made public and "appropriate action" will be taken if warranted.

According to the company's proxy statement, released yesterday, Dunn could collect as much as $3.1 million in cash and stock awards as part of his severance package. Best Buy noted, however, that its compensation committee was still reviewing Dunn's payout pending the results of the investigation into his personal conduct.

The company will hold its annual shareholder meeting at corporate headquarters here on June 21.
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