Best Buy’s Executive Exodus

When the CEO exits, other senior executives often follow.  At Best Buy, the resignation last month of CEO Brian Dunn has been followed by the departure of the chief marketing officer (Barry Judge), the chief technology officer (Robert Stephens) and the CFO of the international division (David Demo).

An exodus of senior talent isn’t good news for Best Buy, but the company has made a bad situation worse by hiding the news.  Best Buy was forced to react to either news reports of an official’s departure or a regulatory filing by the executive’s new employer.  To its credit, Best Buy’s statements about the departures in news reports have been pretty good, but reacting to events is never a strong position.  It feeds perceptions that Best Buy is in a crisis and lacks a coherent strategy.

The executive turmoil is unlikely to end until a permanent CEO is named.

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