Best Buy selects CEO search squad for Brian Dunn’s replacement
Best Buy Co. has formed a selection committee to find a new chief executive after an internal investigation into former CEO Brian Dunn’s “personal conduct” led him to resign.
Lisa Caputo, Ronald James and Sanjay Khosla – all members of the electronics retailer’s board – will help determine who will replace Dunn after his departure earlier this month.
The group will be led by board member Kathy J. Higgins Victor and will consider candidates including interim Chief Executive Mike Mikan. Within the next few weeks, Best Buy will hire a search firm to help narrow the pool of contenders.
Caputo, previously of Citigroup, serves as a marketing and communications executive at property casualty insurer the Travelers Cos. Inc. James runs the Center for Ethical Business Cultures. Khosla is president of developing markets for Kraft Foods Inc. Victor is president of executive coaching firm Centera Corp.
Beleaguered Best Buy said this month that it will close 50 stores, including three in Southern California, by the end of the year. The chain, which also plans to launch more small-format stores, has struggled to retain customers who are increasingly heading online to buy their electronics.
Last week, outplacement consultancy Challenger, Gray & Christmas said that 94 chief executives said they would leave their posts in March, including leaders at McDonald’s Corp., McClatchy Co. and Hostess. In February, 104 company heads departed. Earlier this month, struggling cosmetics company Avon Products Inc. replaced Chief Executive Andrea Jung with Johnson & Johnson’s Sherilyn S. McCoy.
CEO turnover throughout the first quarter is up 18% from a year ago.
“Companies are still trying to find their footing and many are shaking up the chief executive suite to lead the way forward,” said Challenger Chief Executive John A. Challenger.
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