January 2, 2013
Two directors of Best Buy (NYSE: BBY ) have resigned their positions on the company's board, Best Buy said in an SEC filing. One of the two, George "Mike" Mikan III, left his post Dec. 26, effective immediately, saying he had accepted a position as president of ESL Investments Inc. and that new responsibilities and time requirements made it necessary to step down from the Best Buy board.
The other departing director, Matthew Paull, is to stay in his position until just after the company's quarterly board meeting in April. In connection with Paull, Best Buy noted company guidelines that "require that a director retire five years after ceasing to pursue the primary career he or she was pursuing when appointed to the Board." According to Best Buy, Paull retired in 2008 as an executive with McDonald's (NYSE: MCD ) .
According to the filing, neither man "stated or indicated that he was resigning due to any disagreements with the registrant."
Both Paull and Mikan had served on the board for quite some time; the former since 2003, and the latter from 2008. Mikan had also briefly served as the company's interim chief executive following the departure of Brian Dunn in April 2012. Without Mikan, the Best Buy board has eight members.