batchsize=3;
event_count=8;
year=2012;
month=5;
day=17;
hour=15;
minute=36;
second=44;
event_date=2012-05-14 16:14:33;
sort_date=41043.676771;
Chief Pulse Comment by Brian J Dunn
NEW YORK ( MarketWatch) ,
Best Buy Co said Monday that founder Richard Schulze will resign as chairman, after its investigation of former chief Brian
Dunn found that Schulze acted "inappropriately" in failing to bring the allegations of
Dunn's personal misconduct to the board.
The electronics retailer also said Dunn, who resigned last month, did not misuse company resources. Best Buy's investigation found that ex CEO Brian
Dunn violated company policy by engaging in an inappropriate relationship with a female employee, but found no misuse of company resources. Karen Talley has details ( Photo: Reuters)
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NEW YORK ( MarketWatch) , <span class="company">Best Buy</span> Co said Monday that founder Richard Schulze will resign as chairman, after its investigation of former chief Brian <span class="analyst">Dunn</span> found that Schulze acted "inappropriately" in failing to bring the allegations of <span class="analyst">Dunn</span>'s personal misconduct to the board. <span class="sent">The electronics retailer also said <span class="analyst">Dunn</span>, who resigned last month, did not misuse company resources.</span> <span class="company">Best Buy</span>'s investigation found that ex CEO Brian <span class="analyst">Dunn</span> violated company policy by engaging in an inappropriate relationship with a female employee, but found no misuse of company resources. Karen Talley has details ( Photo: Reuters)....Shares of <span class="company">Best Buy</span> rose 1.5% to $19.57 on Monday, when the broader markets declined. <span class="sent">Analysts have said that the company's investigation into <span class="analyst">Dunn</span>'s conduct was a distraction at a time when it's trying to fend off competition from Amazon.com Inc. AMZN 2.08%..to Wal Mart Stores Inc. WMT 0.43%.</span> The company has announced plans to lower costs and cut the overall square footage of its stores, increasingly viewed as product showrooms. <span class="company">Best Buy</span> is remodeling locations with a test format focusing on mobile, video and broadband connections, its Geek Squad tech support service and as a place to pick up purchases made on its website...."I understand and accept the findings of the audit committee." <span class="sent"><span class="company">Best Buy</span> also said <span class="analyst">Dunn</span>'s total severance package will be $6.64 million.</span> That includes a severance payment of $2.85 million, a previously earned bonus of $1.14 million and previously awarded and reported restricted stock grants valued at $2.54 million based on the company's closing price on Friday. The company said its findings came from 45 interviews of 34 current or former employees; searches of emails and other documents on the computers of <span class="analyst">Dunn</span> and the female employee; and an analysis of expense reports and records detailing <span class="analyst">Dunn</span>'s corporate use of aircraft, as well as records of his corporate credit card over a three year period....<span class="company">Best Buy</span> said both parties have said their relationship was a close friendship and nothing romantic or otherwise improper. <span class="sent">"Even accepting those statements as true, the relationship nevertheless reflected extremely poor judgment by the CEO," <span class="company">Best Buy</span> said, adding that <span class="analyst">Dunn</span>'s perceived favoritism also undermined her supervisor's ability to manage her.</span> The board's audit committee found that the inappropriate relationship between <span class="analyst">Dunn</span>, 51, and the 29 year old employee in question disrupted the work environment and created friction. She spoke "openly and frequently" about her friendship with him and the favors he provided to her.
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event_date=2012-05-14 12:38:53;
sort_date=41043.527002;
Chief Pulse Comment by Richard M Schulze
Even accepting those statements as true, the relationship nevertheless reflected extremely poor judgment by the CEO.". •
Schulze acted inappropriately when he failed to bring the matter to the Audit Committee of the Board of Directors in December, when the allegations were first raised with him.
"In December, when the conduct of our then CEO was brought to my attention," Schulze said in a statement issued through Best Buy Monday morning, "I confronted him with the allegations [which he denied], told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I and the company stand for. I understand and accept the findings of the Audit Committee.". Dunn stepped down as CEO of
Best Buy on April 10 while the board of directors was investigating his conduct.
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Even accepting those statements as true, the relationship nevertheless reflected extremely poor judgment by the CEO.". • <span class="analyst">Schulze</span> acted inappropriately when he failed to bring the matter to the Audit Committee of the Board of Directors in December, when the allegations were first raised with him. <span class="sent">"In December, when the conduct of our then CEO was brought to my attention," <span class="analyst">Schulze</span> said in a statement issued through <span class="company">Best Buy</span> Monday morning, "I confronted him with the allegations [which he denied], told him his conduct was totally unacceptable and contrary to <span class="company">Best Buy</span>'s policies and everything I and the company stand for.</span> I understand and accept the findings of the Audit Committee.". Dunn stepped down as CEO of <span class="company">Best Buy</span> on April 10 while the board of directors was investigating his conduct. Tweet this
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event_date=2012-05-11 10:27:31;
sort_date=41040.435775;
Analyst Comment by
Credit SuisseDowngrade to Neutral by Credit Suisse
event_date=2012-05-04 21:26:13;
sort_date=41033.893206;
Chief Pulse Comment by Barry Judge
event_date=2012-04-30 05:12:49;
sort_date=41029.217234;
With the announcement of the closure of 50 big box retail outlets,
Best Buy recently added more evidence to a growing suspicion about the demise of the big box store as the dominating force in retail. The electronics giant becomes the latest in a series of big box retailers that is shuttering large storefronts in some volume, following Circuit City, Borders, Sears, and several others. It may be viewed as a sign of economic turbulence, the shift to online purchasing, or even a revitalized interest in buying local, but the trend is pretty clear.
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With the announcement of the closure of 50 big box retail outlets, <span class="company">Best Buy</span> recently added more evidence to a growing suspicion about the demise of the big box store as the dominating force in retail. The electronics giant becomes the latest in a series of big box retailers that is shuttering large storefronts in some volume, following Circuit City, Borders, Sears, and several others. It may be viewed as a sign of economic turbulence, the shift to online purchasing, or even a revitalized interest in buying local, but the trend is pretty clear. Tweet this
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event_date=2012-04-27 12:15:04;
sort_date=41026.510463;
event_date=2012-04-17 00:00:00;
sort_date=41016.000000;
Deal Idea
Takeover Target
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