Best Buy Co.’s board investigation of former Chief Executive Officer Brian Dunn’s personal conduct centers on an inappropriate relationship with a female employee, according to a person familiar with the matter.
People close to Best Buy were concerned that Dunn’s behavior was threatening the company, said the person, who asked not to be named because the matter is private. The Star Tribune in Minneapolis reported on the nature of the investigation earlier, citing a person familiar with the situation.
Best Buy announced Dunn’s resignation earlier this week, saying that the change was part of a “mutual agreement” that new leadership was needed. The company later said that a board committee was probing Dunn’s “personal conduct, unrelated to the company’s operations or financial control.”
The investigation is continuing and Best Buy has no additional comment, Ron Hutcheson, a Best Buy spokesman who works for Public Strategies Inc. in Washington, said today in an e-mailed statement.
“The board’s findings will be made public and appropriate action will be taken if warranted,” Hutcheson said.
Dunn didn’t immediately reply to a message left for him today at Best Buy’s executive offices.
Best Buy rose 1.7 percent to $22.33 at 11:41 a.m. in New York. The Richfield, Minnesota-based company’s shares fell 6 percent this year through yesterday.
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