Best Buy chief steps down after probe into personal conduct

Best Buy CEO Brian Dunn resigned Tuesday after an investigation into his "personal conduct" was announced by the company.

"Certain issues were brought to the board's attention regarding Mr. Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated," wrote Claire Koeneman, a spokeswoman for the Best Buy, in an e-mail, CNN reported.

Dunn had worked for Best Buy for 28 years and was CEO since 2009.

He began working at the company as a sales clerk in Minnesota.

The departure of Dunn adds to a growing list of problems facing the big box retailer in recent years.

According to the Washington Post, Best Buy has had trouble keeping up with online retailer Amazon and has not responded to the advent of smaller electronics such as e-readers and tablet computers.

Revenues and shares in the company have plummeted in recent years.

“It’s good news that he’s gone,” said Brian Sozzi, chief equities analyst at NBG Productions, according to the Associated Press. “But this adds another layer of uncertainty.”

Best Buy has not released any information on Dunn's severance package, yet, the Associated Press reported that in 2010 it was worth approximately $5 million.