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April 10, 2012 06:15 pm GMT

Best Buy CEO Brian Dunn Just Resigned

6a0133f3a4072c970b0162ff3e21ba970d-550wiBest Buy's Brian Dunn just stepped down as the retailer's CEO and director effective immediately. This comes just days after Best Buy missed Wall Street's estimates last quarter and the retailer announced plans to shutter 50 large stores and open smaller, likely more lucrative Best Buy Mobile locations. Director G. Mike Mikan will replace Dunn as interim CEO while the company searches for a new skipper.Wall Street reacted positively to the news. Best Buy's stock price jumped over 3% with heavy trading after the announcement but seems to be dropping back towards its opening price as of this post's writing. Update: The stock price now crashing.The companys full press release follows below.

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