Market Overview

Best Buy Investigating Allegations Of Improper Relationship Between CEO, Company Exec

Share:
Best Buy Investigating Allegations Of Improper Relationship Between CEO, Company Exec

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. 

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. 

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. 

Related Links:

Black Friday 2019 Winners And Losers: Amazon, Macy's, Shopify And More

Best Buy Soars On Q3 Earnings Beat, But Tariffs Remain A Concern

Photo by Tdorante10 via Wikimedia

Posted-In: Corie Barry retail The Wall Street JournalNews Management Media Best of Benzinga

 

Related Articles (BBY)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com