Certain issues were brought to the board’s attention regarding 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.A statement from Best Buy • Attempting to explain, while rather overtly not really explaining, the departure of CEO Brian Dunn, who abruptly resigned today. The statement claims the decision was a mutual one, and offers no particular insight into what the company felt the need to probe Dunn’s personal conduct over. Dunn had been CEO since 2009, and oversaw the continuation of a bad trend for the electronics chain — Best Buy’s shares have dropped in value by half since 2006. Said Brian Sozzi, chief equities analyst for research firm NBG Productions: “It’s good news that he’s gone. But this adds another layer of uncertainty.” source (via • follow)
» Too many deals? Best Buy, which has become shorthand for “company that throws all its chips in on Black Friday,” lost its bet on this year’s Black Friday, as its third-quarter results (which include the waffle-iron-rioting-day) showed major weaknesses, as discounts got people into the stores but failed to get them to actually work as loss-leaders. ”They were more promotional and that doesn’t bode well for the holiday season, which is going to be very, very intense,” noted Barclays Capital analyst Alan Rifkin.
idroolinmysleep said: This is strange. the TouchPad page on HP’s own website has the $99 and $149 prices with links to a bunch of shopping sites (including BB) right there. Maybe they only want to sell them online?
» SFB says: That’s my best guess. Best Buy in particular took a bit of a hit on the TouchPad — they have a couple hundred thousand in stock, reportedly. You’ll notice that the HP site shows them at $99, but it is in fact not selling them at this time. — Ernie @ SFB