Best Buy President and Chief Operating Officer Brian Dunn is set to be promoted to CEO this summer, when current Chief Executive Brad Anderson retires, the company announced Wednesday.
Anderson, who's led Best Buy for seven years, plans to retire from the electronics retailer at the company's annual meeting in June. He'll keep his position as vice chairman of the board of directors in order to help with the transition.
Dunn began his career at Best Buy as a store associate 23 years ago, rising through the company's ranks to become president and COO in 2006. He has been responsible for the company's 1,000 retail outlets in the United States, as well as its Geek Squad repair and installation services unit.
Best Buy is the largest consumer electronics retailer in the United States, and it has stores in 13 countries. It lost a major rival last week, when Circuit City, the second-largest electronics seller, was forced to liquidate all stores.
Although Best Buy has done comparatively well, it hasn't been unaffected by the current recession. Third-quarter revenue in 2008 dropped 77 percent from the year before, prompting the company to offer buyouts to nearly all corporate employees.