Best Buy's former chief executive Brian Dunn violated company policy by engaging in a relationship with a female subordinate, the company's board of directors said today in a filing with the SEC.
However, Best Buy said Dunn did not misuse a corporate plane and the company will pay him nearly $3 million in severance — on top of more than $2.5 million in vested shares.
"Mr. Dunn's relationship with the female employee demonstrated extremely poor judgment and a lack of professionalism," the Board said.
The board also chastised Richard Schulze, founder and chairman of Best Buy, for not bringing the allegations to light when he was first alerted of them.
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