Best Buy's New CEO: Now for the Hard Part

Dunn also plans to grow the company's cell-phone division, called Best Buy Mobile, as well as improve digital music downloads through the acquired file-swapping service, Napster.

Dunn told reporters after the company's annual meeting that Best Buy will roll out 40 standalone mobile phone stores during the year, The Wall Street Journal reported.

His goal is to grow Best Buys' share of the U.S. mobile phone market to 15%, the Journal wrote. The company currently holds about 3% of the market.

Anderson, 60, is also a lifelong Best Buy employee who first started working at the stereo store that would eventually become Best Buy in 1973. Since becoming CEO in 2002 he managed to almost triple sales, which reached $45 billion at the end of its last year. He can be credited for the creation of the Geek Squad and making the company a go-to destination for almost all electronic devices.

Anderson will remain on the company's board for another year -- all in all, a nice comfy perch from which to watch your successor try to carry on your battles.