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The Boston Globe

Business

Best Buy inquiry will continue

Best Buy on Wednesday said that the sudden resignation of chief executive Brian J. Dunn had not stopped an investigation into what the retailer called personal conduct issues.

“Brian’s resignation certainly had an effect on the investigation, but the investigation remains open,’’ said Greg Hitt, a board spokesman. “The board is still looking into these issues, and the investigation has not been closed.’’

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Dunn’s resignation, less than two weeks after he outlined an ambitious restructuring to revive the struggling store chain, was revealed Tuesday morning, with no mention of the investigation.

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

But by the afternoon, Best Buy gave a different account.

“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. Prior to the completion of the investigation, Mr. Dunn chose to resign,’’ said spokeswoman Claire Koeneman.

Analysts initially thought Dunn’s departure was because of Best Buy’s shaky performance. In its latest fiscal year, which ended in March, sales rose only slightly, and the company lost $1.23 billion. Sales at stores open more than a year fell 1.7 percent.

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