Best Buy Co Inc, the largest U.S. electronics retailer, said today its appointing Brian J. Dunn as its new Chief Executive Officer replacing Bradbury H. Anderson who will step down in June.
Anderson, 59, who joined the company in 1973, was CEO for seven years and will remain on the board as vice chairman until his term expires in 2010, Best Buy said in a statement Wednesday. Dunn, 48, has been president and COO of Best Buy since 2006. He started working for the company in 1985 when it had about 12 stores.
The management move comes amid troubled times for retail stores hit by the economic recession as consumers cut their spending.
Best Buy's rival Circuit City Stores Inc. filed for bankruptcy in November due to slowing sales and accumulated debt. The company announced last week it is liquidating its remaining stores after it failed to find a buyer.