Resignation of Best Buy's (BBY) Dunn Related to Personal Conduct Probe
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Shares of Best Buy (NYSE: BBY) were all over the map Tuesday following early morning news of CEO Brian Dunn's resignation.
After initially trading higher (as much as 4.8 percent), the stock plunged just a half hour into the session. Shares closed down 5.9 percent to $21.32 as investors began recognizing a management shakeup is exactly what a transitioning retailer does not need.
An after-hours report from the WSJ suggests Dunn resigned amid a personal conduct probe by Best Buy's audit committee. The WSJ said the investigation is unrelated to the retailer's operations.
Investors seem to be buying the personal conduct probe headlines Tuesday afternoon as many may be hoping the resignation was indeed specific to Dunn and not Best Buy as a whole. The stock is up about 2 percent from the close to $21.79 at last check.
After initially trading higher (as much as 4.8 percent), the stock plunged just a half hour into the session. Shares closed down 5.9 percent to $21.32 as investors began recognizing a management shakeup is exactly what a transitioning retailer does not need.
An after-hours report from the WSJ suggests Dunn resigned amid a personal conduct probe by Best Buy's audit committee. The WSJ said the investigation is unrelated to the retailer's operations.
Investors seem to be buying the personal conduct probe headlines Tuesday afternoon as many may be hoping the resignation was indeed specific to Dunn and not Best Buy as a whole. The stock is up about 2 percent from the close to $21.79 at last check.
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