Best Buy reviewing former CEO Dunn’s personal conduct

Minneapolis -- Best Buy’s announcement on Tuesday morning that its CEO Brian Dunn had resigned the company by mutual agreement has been updated with information that a review is being conducted concerning the former chief executive’s personal conduct.

Best Buy initially said that there were no disagreements or specific problems related to the retailer’s operations, financial controls or procedures. But later in the day on Tuesday it said the company was conducting an internal investigation into his “personal conduct.”

The most recent statement made by Best Buy said that “certain issues were brought to the board's attention regarding Mr. Dunn’s personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated. Prior to the completion of the investigation, Mr. Dunn chose to resign.”

No details about the probe have been disclosed but Best Buy’s Wednesday regulatory filing with the SEC said the company would disclose the terms of Dunn’s resignation in a later filing.

Dunn notified Best Buy's board on Monday that he has resigned, and the board accepted his resignation effective Tuesday, April 10.

Board member G. Mike Mikan will serve as interim CEO while the company searches for a successor to Dunn.