Retailers, consumers and prices
Check out who’s checking out at Best Buy.
Brad Anderson is retiring as CEO of the electronics retailer in June and will be succeeded by COO Brian Dunn.
“I’ve always wanted to leave the organization at the right interlude: when I saw a new leader ready to take the organization to a new level, higher than I could take it myself,” Anderson said in statement.
But he is also leaving during the worst retail environment in decades, one that is seeing competitor Circuit City go out of business.
Best Buy same-store sales fell 6.5 percent in December, though that made it one of the best performing retailers during that key holiday month.
“I don’t think the Street will have an issue” with Best Buy naming Dunn, Telsey Advisory Group analyst Joseph Feldman said. “I think the question would be about timing.”
Given the retail environment, Dunn might also want to question the timing.
Also in the basket:
Coach posts lower profit, cuts expansion plans
Sainsbury seen cutting 200 central support jobs
(Reuters photo of Anderson at 2004 Reuters Consumer Summit)