Best Buy (BBY) CEO Brian Dunn resigned today. While Wall Street’s immediate reaction was to drive the electronic retailer’s shares higher on the resignation (read: firing), the news is unlikely to delay the company’s descent into irrelevance and/or bankruptcy.
Dunn has overseen more than his share of missteps since becoming CEO in mid-2009. Of these failings the most notable was the company’s inability to deliver goods purchased online during Black Friday 2011, and not inform customers until several days before Christmas. Adding insult to injury, Best Buy offered little more than a meek “sorry” and excuses to those left with nothing under the tree.
The Christmas nightmare destroyed Best Buy’s e-commerce ambitions and, with it, the company’s last best chance at survival.