Best Buy’s CEO is reportedly being investigated over an alleged romantic relationship with another executive at the company.
Sanft has since left Best Buy, and is now chief operating officer at 24 Hour Fitness Worldwide.
Best Buy’s stock fell by almost 1.5% on the news, before recovering: It is now currently down 0.20% in after-hours trading. “Best Buy takes allegations of misconduct very seriously,” a company spokesperson said in a statement released to the media, while also confirming that the board has already hired law firm Sidley Austin LLP to conduct an independent review.
“We encourage the letter’s author to come forward and be part of that confidential process,” the spokesperson said. “We will not comment further until the review is concluded.”“The Board has my full cooperation and support as it undertakes this review, and I look forward to its resolution in the near term,” Barry said in a written statement released by Best Buy to the media following the news reports. It is not yet clear whether Barry will remain in her post during the internal review.
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