Best Buy Co. CEO resigns

Molly Novak

Best Buy Co. CEO Brian Dunn announced his resignition from the retailer.

The company announced on Tuesday that the decision was mutual and there were no disagreements with Dunn on any matter, according the the Associated Press report.

Dunn's resignition came just under two weeks after the company announced its plans to close 50 of its U.S. stores, open 100 small-format stores and cut $800 million in costs within the next five years.

Circuit City filed for bankruptcy protection in 2008 and Best Buy is working to avoid doing the same. According to AP, big electronic retailers have been suffering as people buy their products online or from discount stores.

Best Buy said board member Mike Mikan will act as interim CEO until the company finds a permanent replacement.