Best Buy initiates an investigation into the CEO’s personal conduct

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FILE PHOTO: A sign marks a Best Buy store in Salem, New Hampshire, USA. UU., November 25, 2019. REUTERS / Brian Snyder

(Reuters) – US consumer electronics retailer Best Buy Co (BBY.N) said Friday that its board was conducting an independent review of allegations of misconduct against executive director Corie Barry after receiving an anonymous letter.

The company refused to disclose the content of the letter. In an email statement to Reuters, his spokesman said: “We encourage the author of the letter to come forward and be part of that confidential process.”

The Wall Street Journal reported that the letter, dated December 7, claimed that Barry had a romantic relationship for years with former Best Buy senior executive Karl Sanft.

Both Barry and Sanft joined the firm more than two decades ago. While Barry became the chief financial officer in 2016 and CEO in June last year, Sanft, according to his LinkedIn profile, was senior vice president of US retail operations. UU. Until March of last year.

“The board has my full cooperation and support while conducting this review, and I await its resolution in the short term,” Barry said in the company’s statement.

Sanft, who is currently the head of operations for 24 Hour Fitness, based in California, did not respond to a request for comments from Reuters.

The Best Buy leadership has also faced accusations of misconduct in the past. Its former CEO Brian Dunn resigned from reut.rs/370CFWe in 2012 during an investigation into allegations of personal misconduct.

The company overthrew reut.rs/2uXT9jL its then president Richard Schulze after it was discovered that he had not told the board that Dunn had an inappropriate relationship with an employee.

Best Buy said Friday that the board’s audit committee has hired an outside attorney, Sidley Austin LLP, to conduct the review against Barry.

Reports by Shanti S Nair and Ambhini Aishwarya in Bangalore; Edition by Arun Koyyur

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