The announcement by Best Buy Co. that its CEO Brian Dunn resigned is significant for what it doesn’t say.
Although it was awkwardly announced just as the stock market was opening, the company’s news release was direct, brief and included positive comments from Dunn and interim CEO Mike Mikan. The statement was also quick to defuse any suggestion of a broader conflict or new problem that sparked Dunn’s exit.
But the statement said nothing about the company’s future strategy, which suggests big changes could be in the offing. Best Buy’s business model has been under strain as consumer buying has shifted away from big retailers. But it still has a sizeable market share, a top brand and high levels of consumer trust. That Best Buy said nothing about these assets suggests that it has completely lost confidence in its strategy.
That might give a new CEO ample space to reshape the company, but it leaves shareholders, staff and suppliers wondering about the company’s future.