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
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
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.