Two Best Buy directors resign

Two Best Buy directors resignTwo directors of Best Buy Co Inc have now decided to resign from the retailer and the move will now leave four vacancies in the board of the company.

Best Buy Co Inc has said that two of its directors have resigned and one includes a former chief executive of the company. The company is facing difficulties customers are increasing using its stores just to check products that they wish to purchase online.

The retailer said that G. Mike Mikan served as interim CEO between April and September 2012 after former chief Brian Dunn had to leave the company over involvement with a female employee. Mikan has left the company to become the president of Edward Lampert's hedge fund ESL Investments Inc.

Mikan was at the company when former chairman and founder, Richard Schulze lost his chairmanship after he was held responsible for not notifying the board about allegations against Brian Dunn.

Best Buy had recently said that it will pay a base salary of $1.175 million to its incoming Chief Operating Officer Hubert Joly. The new CEO of the company will also receive cash and stock worth $16.25 million as compensation for forfeitures that happened in travel company Carlson Wagonlit because of his resignation. He will also receive stock grant worth $3.75 million that are subject to the movements in the shares of the company.