Best Buy to share Dunn probe results
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Best Buy's board will disclose the results of its investigation into the personal conduct of departed CEO Brian Dunn.
On Tuesday, Best Buy announced Dunn had resigned after the board had started to look into conduct the company didn't identify. The purview of the audit committee investigating Dunn's conduct includes financial matters and determining whether personal relationships between superiors and subordinates violate company policy.
Board spokesman Ron Hutcheson said the board may be ready to issue a report in a few weeks.
"The investigation is ongoing," he said. "It really wouldn't be appropriate to talk about any of the details of that. What I can say, though, is the board will make the results of the investigation public and if any action is warranted, it will be taken at that time."
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Dunn has not been available for comment.
Best Buy prohibits employee social relationships if they create an actual weakness or appearance of a weakness in the company's system of internal controls. Those relationships can include dating and engaging in romantic, physical or sexual contact.
Best Buy's board of directors expects it will take six to nine months to find a permanent CEO to replace Dunn.
Hutcheson said a board committee, aided by an outside search firm, will identify internal and external candidates, including current interim CEO Mike Mikan.
The board's investigation of Dunn is being led by the Wilmer Hale law firm, which also helped UnitedHealth Group to investigate stock option backdating and eventually led to the departure of CEO William McGuire.
