Best Buy CEO Resigns; Shares Rise

NEW YORK ( TheStreet) -- Shares of Best Buy ( BBY) 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).

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.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

-- 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.

More from Investing

Gotta Know When to Hold 'Em: Casino Stock Selloff Is Premature After Union Vote

Gotta Know When to Hold 'Em: Casino Stock Selloff Is Premature After Union Vote

Bank Stocks Slump After Congress Greenlights Dodd-Frank Rollback

Bank Stocks Slump After Congress Greenlights Dodd-Frank Rollback

10 Questions for PayPal Ahead of Its Big Investor Day

10 Questions for PayPal Ahead of Its Big Investor Day

Tesla's Model 3 Is Far From Being for the Masses -- at Least For Now

Tesla's Model 3 Is Far From Being for the Masses -- at Least For Now

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans