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Best Buy Picks Global Firm For CEO Search

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

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.