New CEO takes reins at Best Buy

June 24, 2009 5:40:57 AM PDT
Nearly 25 years after his first day of work as a sales clerk, Brian Dunn is set to become the CEO of Best Buy.

The 49-year-old will become the third person to lead the nation's largest consumer electronics chain during the retailer's shareholder meeting Wednesday morning in Minnesota.

He'll succeed Brad Anderson, who is retiring. Anderson will remain on the retailer's board until 2010.

Dunn's ascendancy comes at a critical time for the Richfield, Minn.-based retailer. Even though its closest competitor liquidated earlier this year, Best Buy Co.'s sales at stores open at least a year have fallen for the past three quarters.

It also cut jobs and is facing new pressure from Wal-Mart, Amazon and Costco.

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