Brian Dunn has been named as chief executive of Best Buy following the announcement that current CEO Brad Anderson is set to retire at the end of June.
Dunn (pictured), who started at the US' largest consumer electronics retailer in 1985 as a sales associate and worked his way through the ranks, praised the work of Anderson.
"Because of the work Brad has led, Best Buy has earned the opportunity to play a unique role in the lives of people - helping them unlock the promise of technology," he said in a statement.
"We also believe the value we can bring to people is timeless and universal, applicable literally around the world."
However, the firm was quick to dismiss any notion that the company was in trouble or that there was any ulterior motive behind Anderson's decision to retire: "I've always wanted to leave the organisation at the right interlude: when I saw a new leader ready to take the organisation to a new level, higher than I could take it myself."
Dunn, who is currently the firm's president and chief operating officer, added: "I'm honoured and excited to lead the next chapter in this company's amazing story."
Dunn's replacement has not been announced.