Brian Dunn To Become the CEO of Best Buy
The Jan. 22, 2009 issue of The Wall Street Journal reported that Best Buy Co., the largest consumer electronics retailer in the United States, has named Brian Dunn as the company’s next Chief Executive Officer and successor to current chief executive Brad Anderson, who is set to retire on June 24, 2009.
Anderson, who has served as the company’s CEO for seven years, is the second person to hold such position after Best Buy’s founder Richard Schulze.
Anderson performed quite remarkably during his stint as CEO of Best Buy, having launched a program that directed its focus on consumer needs and international markets such as realizing its expansion to Europe through partnering with Carphone Warehouse in the United Kingdom. It was also under his management that the company raised its annual revenue from $17.7 billion in fiscal year 2002 to $40 billion in fiscal year 2008.
The appointment of Brian Dunn as CEO is said to take effect upon Anderson’s retirement. During an interview, Dunn explicated that the company will be courting new customers globally, focusing more on value as it is what today’s consumers are practically looking for, rather than price.
Currently, Dunn serves as the President and Chief Operating Officer of Best Buy Co., where he oversees the operation of more than 800 Best Buy stores in the United States and Canada, Geek Squad and Magnolia Audio Video stores, as well as the firm’s online channels. Additionally, he supervises the management of Best Buy’s customer business groups, its small business offerings, its service business, and its merchant teams.
Dunn began his career at the Richfield, Minnesota-based firm in 1985 as a store associate when Best Buy ran only a dozen stores. Dunn eventually climbed up the corporate ladder by becoming Store Manager in 1989; District Manager in Minnesota in 1990; Regional Manager for stores located in Indianapolis, Ohio, and Philadelphia in 1996; Regional Vice President in 2000, overseeing all of the company’s East Coast operations; Executive Vice President of U.S. retail in 2002; and President of Retail Sales for North America in 2004. Moreover, Dunn was credited for having a hand in the company’s expansion into new markets such as the launch of Best Buy’s northeast territory that soon became the company’s East Coast Unit.
Brian Dunn has also proven to be a competent leader in some corporate boards. Since 2007, Dunn has been serving as the Director of Dick’s Sporting Goods Inc., where he also serves as a member of its Governance and Nominating Committee. Dunn is also the Director of Greater Twin Cities United Way and Divisional President of Matthews International Corporation.
Best Buy Co., Inc. is the biggest specialty retailer of consumer electronics in the United States, Mexico, Canada, and China. A Fortune 500 company, Best Buy also has subsidiaries including Magnolia Audio Video, Geek Squad, and Pacific Sales. In 2004, Forbes magazine named Best Buy “Company of the Year” and in 2006, the firm was included in the List of Most Admired Companies by Fortune magazine.
- Official site of Best Buy.
- Google Finance report on Best Buy stock.
- Best Buy expands Gadget Recycling to All Stores.