Former Best Buy interim CEO Mike Mikan resigns from board - Bring Me The News

Former Best Buy interim CEO Mike Mikan resigns from board


A big change revealed Monday about Best Buy may be a telling sign about the future direction of the Richfield-based electronics retailer, Minneapolis-St. Paul Business Journal reports.

A U.S. Securities and Exchange Commission filing Monday indicated G. Mike Mikan -- the company's former interim Chief Executive Officer and member of the board of directors since 2008 -- had resigned from the company Dec. 26; and another board director Matthew Paull, is leaving in April.

Analysts tell the Star Tribune that the resignations will smooth negotiations with Best Buy founder Richard Schulze as he prepares to make an offer to take the company private. Schulze reportedly had a contentious relationship with Mikan, Paull and current board chairman Hatim Tyabji, who pushed for him to be removed from the board last spring.

Mikan -- who was interim CEO from April to September when the company hired Hubert Joly as its permanent CEO -- said he was leaving Best Buy to accept the position of president with Greenwich, Conn.-based ESL investments Inc.

Next Up


CEO Brian Dunn resigns from Best Buy

Dunn is stepping down after being with the Richfield-based electronics retailer for nearly 30 years. Best Buy recently announced it was closing 50 stores and terminating 400 corporate jobs. Board member Mike Mikan will serve as interim CEO during the search for a permanent replacement.

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.