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#1 still1

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Posted 14 May 2012 - 19:36

When former Best Buy CEO Brian Dunn resigned after announcing a dramatic restructuring of the company’s retail operations, it looked like a reaction to the company’s recent financial woes.

The timing of Dunn’s resignation provided him with ample cover — his announcement coming just days after Best Buy posted disappointing earnings, and revealed plans to shutter 50 of their big-box locations.

Still, that didn’t stop the press from digging around, and it wasn’t long before Best Buy revealed that Dunn left just prior to the completion of an independent investigation of his “extremely close personal relationship” with a female employee. The results of that investigation were revealed today, and they have prompted company founder Richard Schulze to give up his role as company chairman.

The company’s internal investigation found that Schulze had acted inappropriately for not bringing the allegations of Dunn’s relationship to the board’s Audit Committee. For that, Schulze will be relinquishing his role as chairman on June 21, which will soon be filled by longstanding director (and Audit Committee head) Hatim Tyabji.

And what of Mr. Dunn?

Shortly after the news broke, the company was concerned that Dunn had misused Best Buy’s resources during the course of his extra-marital fling. WilmerHale, the law firm that conducted the investigation by poring though emails between Dunn and the female employee, expense reports, personnel records, and company phone records, could find no evidence that misuse of resources (including company aircraft) had taken place. Despite that, Dunn still violated company policy by engaging in said relationship, demonstrating “extremely poor judgment” in the process.

He still managed to walk away with quite a bit though — take a peek at his severance package:

Previously earned FY2012 bonus: $1,140,000
Previously awarded and reported restricted stock grants of 131,876 shares, valued at close of business on Friday, May 11, 2012, ($19.28 per share), totaling $2,542,569
Severance payment of $2,850,000
Compensation for unused vacation: $106,742
Using the May 11, 2012, stock price for calculation, the estimated total value of the severance package is $6,639,311.

It’s not quite as much as the $10 million he earned in 2010, but methinks he won’t be hurting too much for the time being.


http://techcrunch.co...rdroom-shakeup/


#2 Vice

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Posted 14 May 2012 - 19:41

Can't stop love or lust. But the guy did cheat on his wife so screw him.

#3 The Laughing Man

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Posted 14 May 2012 - 19:44

Happened with the General manager and an employee at the Best Buy I used to work for.

#4 M_Lyons10

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Posted 14 May 2012 - 19:49

Can't stop love or lust. But the guy did cheat on his wife so screw him.


God, a cheater too? I concur with your statement. God how I hate cheaters.

#5 vetbangbang023

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Posted 14 May 2012 - 19:52

Speaking as an employee of the company, I'm happy to see him gone. Most of us realize he had no ability to adapt with the market and would have driven us under. He was blind to the challenges and reacted way too slowly for any of us to accept.

#6 TEX4S

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Posted 14 May 2012 - 20:07

I hope Best Buy doesnt go under. Aside from going to a small, expensive home theatre store there is nowhere to look at a bunch of big TVs & cool electronics ?

The BestBuy over here even has McIntosh home stereo stuff :drool: - (spending $50,000 on an amp, a tuner, and 2 speakers is completely normal in Southlake.)

So where will one go to get their electronics store fix ?

#7 OP still1

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Posted 14 May 2012 - 20:07

Speaking as an employee of the company, I'm happy to see him gone. Most of us realize he had no ability to adapt with the market and would have driven us under. He was blind to the challenges and reacted way too slowly for any of us to accept.

BestBuy need to revise its pricing to stop bleeding.. I hope the new CEO at least try to do that!!

The only reason i go to BestBuy now is to take a look at products before I buy online

#8 TEX4S

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Posted 14 May 2012 - 20:10

BestBuy need to revise its pricing to stop bleeding.. I hope the new CEO at least try to do that!!

The only reason i go to BestBuy now is to take a look at products before I buy online


Yep, and so are a lot of people - I think that might be the #1 reason for their problems.

#9 vetDirtyLarry

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Posted 14 May 2012 - 20:20

BestBuy need to revise its pricing to stop bleeding.. I hope the new CEO at least try to do that!!

The only reason i go to BestBuy now is to take a look at products before I buy online

I will quote you and Bold you AGAIN :laugh: , because this is no doubt what I do as well. Once in a blue moon I see a price that is competitive to online so I get it in store, but that has happened less and less over time now. In fact I do not think it has happened once in the past year. The only other time I shop in-store is when I am using my corporate card for work, and I need to have something sooner then later.

But getting back on topic, I totally disagree with the notion if the dude has an affair that was reason for him to lose his job as CEO. If he sucked as a CEO then fine, but i absolutely disagree with he should have lost his job because of the affair.

#10 shockz

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Posted 14 May 2012 - 20:29

The only reason i go to BestBuy now is to take a look at products before I buy online


That's fine that you do that, as do I... but as a former BBY employee it was extremely irritating when people came in, asked for help and basically had us talk and demo the product for a good 30 mins-hour just have have them say they're buying it on amazon. I could have used that time to actually help a serious customer looking to purchase something from our inventory. It's rude and potentially a money losing situation providing nobody else is around to help serious buyers. Hopefully you said no when they asked if you needed help with something.

#11 OP still1

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Posted 14 May 2012 - 20:54

That's fine that you do that, as do I... but as a former BBY employee it was extremely irritating when people came in, asked for help and basically had us talk and demo the product for a good 30 mins-hour just have have them say they're buying it on amazon. I could have used that time to actually help a serious customer looking to purchase something from our inventory. It's rude and potentially a money losing situation providing nobody else is around to help serious buyers. Hopefully you said no when they asked if you needed help with something.

That's why i never ask for help unless I really need it. I am a technology geek and if i need help I Google it.
Usually when the BB employees ask me if i am doing Ok, I would say I am fine.

#12 TEX4S

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Posted 14 May 2012 - 20:58

That's why i never ask for help unless I really need it. I am a technology geek and if i need help I Google it.
Usually when the BB employees ask me if i am doing Ok, I would say I am fine.

EXACTLY - Sometimes if Im feeling particularly pompous I will ask a question, wait for their incorrect answer - then play dumb just to see how deep the BS gets.

BBY guys weren't too bad about it, not near as bad as Fry's -