Best Buy Picks Global Firm For CEO Search

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Minneapolis - Best Buy's board has chosen global executive search firm Spencer Stuart to conduct the hunt for Brian Dunn's successor.

The selection was based on the firm's global expertise and experience recruiting for retailers and digital companies, the board said.

 The retailer said Spencer Stuart's search will be thorough, and will consider both internal and external candidates. The process is expected to last six to nine months.

Observers said Best Buy's willingness to look beyond headquarters, and the U.S., for the chain's fourth chief executive represents a major departure from tradition, as both Dunn and his predecessor Brad Anderson began with the company on the sales floor. But analysts have criticized the lengthy search period, noting that a timely succession would help quell the sense of disarray at the top, given the back-to-back departures of Dunn in April and chairman/founder Dick Schulze, announced last week.

Separately, the company reported in a federal filing that interim CEO Mike Mikan will receive $3.3 million in compensation and up to $5 million in Best Buy stock upon the completion of his current duties. Mikan is also being considered for the permanent CEO position. He has been a Best Buy director since 2008 and previously served as executive VP/chief financial officer of UnitedHealth Group and CEO of Optum, a healthcare services company.

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