ADDING MULTIMEDIA Brian J. Dunn Becomes CEO of Best Buy

Business Wire, June 24, 2009

24-Year Company Veteran to Lead Best Buy in Era of Connectivity

Legacy Stock Program Created to Honor Anderson

MINNEAPOLIS -- Brian J. Dunn, age 49, officially became the chief executive officer of Best Buy Co., Inc. (NYSE: BBY) at the company’s annual meeting of shareholders, held at the Best Buy corporate campus this morning. Dunn, a 24-year veteran of the company, had been the president and chief operating officer of the leading consumer electronics retailer.

Dunn also was appointed to the Best Buy board of directors and will stand for election at the 2010 regular meeting of shareholders.

“The current retail landscape creates an unprecedented opportunity for us to earn the business of new customers and grow share. We believe the value we can bring to people in helping them realize the full potential of their technology is literally universal, applicable everywhere,” said Dunn in remarks made to shareholders during the annual meeting. “This thing we call ‘technology’ is really a constant backdrop in people’s lives -- at home, at work, on the road, and literally in the palms of their hands. We call it the ‘connected world” and simply put, it’s about people, technology and the pursuit of happiness.”

During his tenure as president and COO, Dunn drove the company’s domestic business to new highs in terms of market share, employee retention, vendor relationships and customer satisfaction scores. He established himself as a powerful brand representative, strong motivator of employees, and decisive architect of dramatic organizational changes. A well respected leader, he ascended to the role of president three years ago, following an established record of successfully expanding the Best Buy brand into new markets for the company. For example, he launched the company’s northeast territory, the beachhead for what ultimately became the company’s east coast division, which Dunn later headed as well.

Dunn has excelled in differentiating Best Buy from the competition and enhancing performance at more than 1,000 consumer electronics stores in the United States. The domestic stores, the Geek Squad, and the company’s marketing, customer experience and merchant functions all currently report to Dunn. He also is personally involved with managing key vendor relationships, including many of the company’s manufacturing partners in Asia.

Dunn’s career is a remarkable journey from store associate in 1985, to his current leadership role. When Dunn joined Best Buy in 1985, the company operated only a dozen stores. His career in the 23 years since then has been a reflection of the company itself – confident, optimistic and unafraid to grow and take on new challenges. In 1989, Dunn became a store manager and in 1990, a district manager in Minnesota. The New Jersey native, who has spent most of his life living in Minnesota, was promoted again in 1996 and 1998 before becoming senior vice president of division 3 retail sales, which encompassed all of Best Buy’s East Coast operations, in 2000. He was named executive vice president of U.S. retail in 2002, was made president of retail - North America in 2004, and advanced to president and COO of the company in 2006.

“I started at Best Buy, working on the sales floor, during the analog age; I became an executive of this company during the digital age; and I am now honored and excited by the opportunity to lead this company as we move into a new era of digital connectivity,” said Dunn. “I have a deep-seated belief in the power of technology to help people – and an equally powerful belief in the ability of the men and women of Best Buy to unlock the promise of that technology for millions of customers around the world. I am determined to build a future for this company – for both employees and investors – that is worthy of its past.”

Legacy Stock Program to Honor Brad Anderson

Dunn succeeds Bradbury H. Anderson, who served as Best Buy’s vice chairman and CEO for seven years. Anderson, age 60, intends to complete his term as vice chairman of Best Buy’s board of directors to ensure both a smooth transition for Dunn and continuity with the company’s successful strategy of customer centricity.

“Brad Anderson had the vision and fortitude to flip this company’s focus, from the products we sell to the customers we serve,” said Dunn. “He has been a courageous, tenacious leader for this company and I am personally grateful for his mentorship. It has been a privilege to serve alongside Brad.”

Dunn noted that Anderson’s focus on customer centricity helped Best Buy to move in lockstep with the changing needs and desires of the company’s customers while also amplifying the voices of Best Buy employees, particularly those men and women working in the company’s retail stores. During his tenure as CEO, Anderson declined to receive personal stock options, instead suggesting that those options could more appropriately reward extraordinary performance of hard-working employees who would not otherwise be eligible for the company’s long-term incentive program. Since 2003, more than 8,500 employees have received grants totaling more than 2.3 million options due to Anderson’s decision to forgo options.