Best Buy Co said its Chief Executive Brian Dunn has resigned from the world's largest consumer electronics chain, as the company looks to please investors looking for change at the top.

The company, which faces stiff competition from discounters and online retailers, has missed sales expectations for several quarters in a row.

Best Buy said director Mike Mikan will serve as interim CEO while it looks for a permanent replacement for Dunn. Mikan, who will remain on the board while serving as interim CEO, has been a Best Buy director since April 2008. He formerly served as executive vice president and chief financial officer of UnitedHealth Group Inc .

There was mutual agreement that it was time for new leadership to address the challenges that face the company, Best Buy said in a statement.

Richard Schulze, the founder of Best Buy, continues to serve as chairman, the company said.

(Reporting By Dhanya Skariachan; Editing by Gerald E. McCormick)