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4/11/2012 6:34 AM ET

Best Buy (BBY: Quote) announced Tuesday that Chief Executive Officer Brian Dunn has resigned from the position and as a director, effective immediately. He leaves the company after serving it for the past 28 years. The company said Director Mike Mikan will replace Dunn as the interim CEO, while it initiates a search for a new CEO.

Best Buy fell sharply in the first 45 minutes of trade Tuesday and slipped further late in the afternoon. The stock ended the session lower by 1.33 at $21.32 on strong volume. Best Buy has been declining for the past 2 weeks and set a new low for the year.

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