New Best Buy CEO Focuses On 'Connected World'

"We believe that the promise of technology has never been greater to help people realize their dreams. This thing we call 'technology' is really a constant backdrop in people's lives, at home, at work, on the road, and literally in the palms of their hands. We call it the 'connected world,' and, as exciting as it is, it's also increasingly complex, and difficult to keep pace with," said Brian Dunn, who was named Wednesday to take over as Best Buy's new CEO on June 24.

Dunn, 48, is currently president and COO of Best Buy. He will succeed the retiring Brad Anderson, currently vice chairman and CEO.

"Brad Anderson had the vision and fortitude to flip this company's focus, from the products we sell to the customers we serve. But in many respects—and I know Brad agrees with this—the work is just beginning," Dunn said in a statement.

Dunn is currently responsible for Best Buy's domestic stores, Geek Squad, marketing, customer experience and merchant functions. He began his career as a store associate in 1985 when Best Buy had a dozen stores. He became a store manager in 1989 and a district manager a year later. In 2000, he was named a senior vice president and in 2006 he advanced to president and COO. No decision was immediately made about filling the president and COO vacancy resulting from Dunn's promotion.

"[Dunn] has demonstrated a rare ability to connect with people and inspire them to work together to accomplish extraordinary things. Dunn is a product of—and a steward of—a unique culture at Best Buy that continues to drive the company's performance," said Richard Schulze, chairman, in a statement. "We're pleased and excited that Brian has accepted this new role and will be leading our company through future challenges and toward new and exciting opportunities ahead."

Anderson, 59, intends to complete his term as vice chairman of the board, according to Best Buy. He was Best Buy's second CEO, after founder Schulze, and served for seven years. During that period, Best Buy's revenue increased from $17.7 billion in fiscal 2002 to $40.0 billion in fiscal 2008. Best Buy's store count grew from nearly 600 locations in the U.S. and Canada in fiscal 2002 to nearly 3,900 locations in 13 countries today.

The retiring Anderson said in a statement, "For many months, I've felt that Brian was fully prepared to be CEO. Based on his readiness and the journey we're about to begin, I've concluded that this is the right time for my story as CEO naturally to end, and Brian's story to begin."