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Dunn Succeeds Anderson As Best Buy CEO

Minneapolis — Best Buy president/COO Brian Dunn has assumed the post of CEO from Brad Anderson, who will retire in June.

No decision to fill Dunn’s positions has been made.

Anderson, who began his career with the company 30 years ago on the sales floor, will also relinquish his

role as vice chairman. He said in a statement that the “timing for my retirement is consistent with my personal goals and in accordance with our succession plan.”

“I’ve always wanted to leave the organization at the right interlude, when I saw a new leader ready to take the organization to a new level, higher than I could take it myself,” Anderson, 59, continued. “Based on his readiness and the journey we’re about to begin, I’ve concluded that this is the right time for my story as CEO naturally to end, and Brian’s story to begin.”

During his three years as president, Dunn, 48, “drove the company’s domestic business to new highs” in terms of market share, employee retention, vendor relationships and customer satisfaction scores, the company said.

Dunn joined Best Buy as a store associate in 1985, became a store manager in 1989, and a Minnesota district manager one year later. By 2000 he was senior VP of Best Buy’s East Coast operations, and was named president of retail North America in 2004.

In a statement, Best Buy founder and chairman Richard Schulze said, “Brian has demonstrated a rare ability to connect with people and inspire them to work together to accomplish extraordinary things. Dunn is a product of — and a steward of — a unique culture at Best Buy that continues to drive the company’s performance. We’re pleased and excited that Brian has accepted this new role and will be leading our company through future challenges and toward new and exciting opportunities ahead.”

Anderson joined the company as a stereo salesman 30 years ago and would become its second CEO after Schulze, a post he has held for seven years. During his tenure annual revenue more than doubled to $40 billion and the store count increased from some 600 locations to nearly 3,900 stores in 13 countries.

Anderson was also the chief architect of Best Buy’s customer centricity strategy, which the company credits in large measure for its recent success. His controversial decision to make it a cornerstone of the business after Best Buy had already achieved CE supremacy — along with his investments in Geek Squad and Carphone Warehouse — positioned the retailer for continued growth at home and abroad.