Best Buy Ex-Interim CEO Departs2 Jan, 2013 By: Erik Gruenwedel
Mike Mikan, Best Buy Co.’s interim CEO from April to September 2012, has left the consumer electronics retailer’s board of directors to join a hedge fund.
Mikan was named interim CEO following the resignation last spring of CEO Brian Dunn, who departed after admitting to an inappropriate relationship with a younger female employee.
Mikan had been in the running to become permanent CEO but lost out to French hospitality executive Hubert Joly.
He reportedly is the fourth Best Buy senior executive to vacate the 11-seat board following independent director Matthew Paull, who announced his pending retirement in April.
Last month, Stephen Gillett, EVP and president of Best Buy Digital, left to assume a similar position at Symantec.
Best Buy, which has faced increased online competition as well as changing consumer shopping trends, is currently awaiting a leveraged buyout offer from former chairman Richard Schulze. Stock site SeekingAlpha.com noted that Schulze should have an easier time acquiring the company without the pair of execs who reportedly had a contentious relationship with the Best Buy founder.