NEW YORK (

TheStreet

) -- Shares of

Best Buy

(BBY) - Get Report

rose Tuesday after the company announced that its CEO has resigned.

Best Buy CEO Brian Dunn said Tuesday he is leaving the company. Director Mike Mikan is taking over as interim CEO while Best Buy searches for Dunn's replacement.

"There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures," a Best Buy statement said. "There was mutual agreement that it was time for new leadership to address the challenges that face the company."

Mikan was previously chief financial officer and executive vice president at

UnitedHealth Group

(UNH) - Get Report

.

Best Buy announced on March 30 that it plans to close

50 U.S. stores

in 2013 and will cut costs by $800 million by fiscal year 2015.

Shares of Best Buy rose 2.91% to $23.31 in early trading Tuesday. The stock has risen 20 cents, or 0.86%, year to date.

TheStreet Ratings

gives Best Buy a

C grade

and hold rating.

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here:

Alexandra Zendrian

>To submit a news tip, send an email to:

tips@thestreet.com

.

>To follow the writer on Twitter, go to

Alexandra Zendrian

.