Brian Dunn, the chief executive of US retailer Best Buy, has tendered his resignation in a mutual agreement with the comapny's board.
The CEO has stepped down in response to recent poor performance which saw the chain close 50 US stores and cut 400 jobs.
Those same results also saw Standard and Poor's threaten to downgrade the company's credit rating.
A statement from Best Buy insisted that the move was free of any animosity, stating that "it's time for new leadership to address the challenges that face the company".
Best Buy recently pulled its UK presence of 11 Big Box stores after poor performance, despite reporting a record opening weekend for its flagship store in Essex.