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Best Buy Co Inc (NYSE:BBY) shares fell in Friday's after-hours session after the retailer's board said it's investigating an anonymous letter accusing CEO Corie Barry of misconduct.
The Dec. 7 letter alleged Barry had an inappropriate romantic relationship with Karl Sanft, a former Best Buy senior vice president, before Barry became CEO in June 2019, according to The Wall Street Journal, which broke the story.
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Sanft is now the COO at 24 Hour Fitness.
“Best Buy takes allegations of misconduct very seriously,” a spokesman told the Journal, adding that the company urges the author of the letter to come forward and participate in the confidential investigation.
“We will not comment further until the review is concluded.”
Best Buy told the publication that it has hired the law firm Sidley Austin LLP to conduct an independent review.
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Barry reportedly said in a statement that she would cooperate with the investigation.
Former Best Buy CEO Brian Dunn resigned in 2012 following the opening of an investigation into an alleged relationship with a female subordinate.
The stock was trading down 0.2% at $89.76 at the time of publication during Friday's after-hours session.
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Photo by Tdorante10 via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.