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Fourth top executive leaving Best Buy in less than two months

CFO Dave Deno is the second top executive to announce his departure this week from the troubled Richfield-based electronics retailer. CMO Barry Judge resigned Wednesday. CEO Brian Dunn stepped down last month amid an investigation into his personal conduct and Geek Squad founder and CTO Robert Stephens left in March.
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CFO Dave Deno is the second top executive to announce his departure this week from the troubled Richfield-based electronics retailer. CMO Barry Judge resigned Wednesday. CEO Brian Dunn stepped down last month amid an investigation into his personal conduct and Geek Squad founder and CTO Robert Stephens left in March.

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Best Buy chief marketing officer resigns

Barry Judge is the third executive to depart the Richfield-based electronics retailer this year. Former Starbucks executive Stephen Gillett is expected to take over his role. The Pioneer Press reports the resignation is not related to former CEO Brian Dunn, who stepped down in April amid an internal investigation. Geek Squad founder Robert Stephens also left Best Buy in March.

Best Buy selects the nation's largest executive search firm to find its next CEO

The Richfield-based consumer electronics giant hopes to hire Brian Dunn's replacement within the next nine months. Dunn resigned in April amid an internal probe that later found he had an inappropriate relationship with a female employee. Best Buy also disclosed interim CEO Mike Mikan's compensation package. He is considered a candidate to permanently replace Dunn.

Uncertain future for Best Buy's shaken shareholders

Best Buy is holding its annual shareholders meeting Thursday. The beleaguered Richfield-based electronics giant has had plenty of boardroom drama over the past three months, including the abrupt departure of company founder and largest shareholder Richard Schulze. After months of uncertainty, investors are eager to learn what's next for the world's largest consumer electronics retailer.

High-profile hedge fund manager dumps Best Buy

David Einhorn, who leads New York-based Greenlight Capital Inc., has sold off his firm's 7.7 million shares, or 2.27 percent stake, in the Richfield-based electronics retailer. The Star Tribune reports Greenlight's losses could approach $100 million. Analysts tell the newspaper Einhorn's decision to exit could help former Best Buy chairman and founder Richard Schulze, who is exploring options for his 20 percent stake in the company, including an effort to take the company private.

Best Buy compensation consultant resigns, opposed retention bonuses

Longtime independent compensation expert, Don Delves, is no longer working with Best Buy's compensation committee. Bloomberg reports Delves quit after the Richfield electronics giant awarded more than 100 managers extra pay without linking it to performance -- a decision he opposed. According to an email statement, Best Buy said the incentive pay is "intended to ensure leadership continuity."

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.

Best Buy chairman resigns early, may sell stake

Founder Richard Schulze is stepping down from the board of directors sooner than planned in order to explore options for his 20.1 percent ownership stake. Last month, Schulze announced he would resign on June 21 at the company's annual meeting. An investigation found he knew that former CEO Brian Dunn was having an inappropriate relationship with a female employee. Schulze, the founder and outgoing chairman, has been with the Richfield-based electronics giant since its debut in 1966 and is the company's largest shareholder.