Brian J. Dunn becomes new CEO of Best Buy

BEIJING, June 25 (Xinhuanet) -- Brian J. Dunn succeeded Brad Anderson on Wednesday as chief executive officer (CEO) of Best Buy, the world's largest consumer electronics retailer.

Dunn officially became the CEO of Best Buy Co., Inc. at the company's annual meeting of shareholders, held at the Best Buy corporate campus Wednesday morning. He also was appointed to the Best Buy board of directors and will stand for election at the 2010 regular meeting of shareholders.

He had been the president and chief operating officer of the leading consumer electronics retailer.

Dunn was the third person to lead the retailer and its 155,000 employees. He has excelled in differentiating Best Buy from the competition and enhancing performance at more than 1,000 consumer electronics stores in the United States. His career is a remarkable journey, from store associate in 1985 to his current leadership role.

"I started at Best Buy, working on the sales floor, during the analog age; I became an executive of this company during the digital age; and I am now honored and excited by the opportunity to lead this company as we move into a new era of digital connectivity," said Dunn, "I am determined to build a future for this company - for both employees and investors - that is worthy of its past."

The 49-year-old has heady challenges ahead. Despite the demise of its closest competitor, Circuit City Stores Inc., same-store sales are down for the third straight quarter.

And heavyweights Amazon.com, Wal-Mart Stores Inc. and Costco Wholesale Corp. all set their sights on the company's core business.