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Best Buy CEO Should Be Fired in 2012: Poll

NEW YORK ( TheStreet) -- Best Buy's (BBY - Get Report) CEO Brian Dunn should get the axe in 2012, according to TheStreet's poll .

There's little Dunn has been able to do since he took the reins in 2009 to transform the company's image as a "showroom for Amazon (AMZN)." As a result, 34.8% of voters said he should be fired in the new year.

A shame, since Dunn is a Best Buy lifer, having started his career with the electronics retailer in 1985.

Dunn has been unable to revitalize the big-box format even with its biggest rival, Circuit City, out of the picture.

Last week, Best Buy reported a 29% plunge in third-quarter earnings, with gross margin falling by nearly a percentage point from the year prior due to aggressive promotions and discounts during the Black Friday weekend.

But these discounts did little in the way of revenue, with same-store sales up just 0.3%.

To keep his job, Dunn will need to resort to a more dramatic restructure of Best Buy's business model. The company has closed its namesake stores in China and has ended its pilot of big-box stores in the U.K.

Best Buy is also reducing its square-footage in the U.S. by 10% over the next three to five years.

Shares of Best Buy have declined more than 33% year to date; the stock has fallen more than 40% during Dunn's tenure.

Sears' (SHLD - Get Report) Lou D'Ambrosio came in second in the poll with 34.8% of the vote; Gap's (GPS - Get Report)Glenn Murphy received 31.2%; Pacific Sunwear of California's (PSUN - Get Report) CEO Gary Schoenfeld received 10.5%; and Aeropostale's (ARO - Get Report)Thomas Johnson got 6.4%.

- Reported by Jeanine Poggi in New York.

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ARO $3.40 -2.02%
BBY $37.21 -1.53%
GPS $42.54 -1.82%
PSUN $2.75 -0.36%
SHLD $41.33 -0.12%


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