Best Buy Loses a Fourth Key Leader: Dave Deno
A fourth high-ranking executive has left Best Buy Company, Inc.: Dave Deno, chief financial officer (CFO) of the company's international division and president of its Asia region.
OSI Restaurant Partners, LLC, disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that Deno has joined the Tampa, Florida-based company as executive vice president and CFO. OSI Restaurant Partners is the parent company of Outback Steakhouse, among other brands, and operates more than 1,400 restaurants.
Best Buy spokesman Greg Hitt confirmed Deno's departure but declined to comment on the details of his exit beyond the following e-mailed statement: “David Deno was recently approached about a significant outside opportunity, and has decided to leave Best Buy. We are grateful for Dave's many contributions as we have worked to build and improve our international business. We wish him the very best in his new role. For now, Dave's responsibilities will be covered by existing leaders in the company.”
Best Buy in March announced major restructuring plans, which include the closure of 50 big-box stores and 400 corporate layoffs.
Deno's departure comes at a significant time for the international portion of the business that he oversaw. While the company is reducing its big-box footprint domestically, a key part of its restructuring plans include adding 50 new Five Star stores in China this year and continuing expansion of the brand over the next few years. Best Buy acquired the Five Star chain of appliance stores in 2009.
Deno is the fourth top-ranking Best Buy leader to leave the Richfield-based company this year. In March, Robert Stephens, founder of The Geek Squad, stepped down from his role as chief technology officer.
A month later, the company announced that CEO Brian Dunn had resigned, and it was subsequently uncovered that the former chief executive left the company amid an investigation into allegations involving his conduct with a female subordinate.
Then, just last week, news surfaced that Chief Marketing Officer Barry Judge has left the company.
Best Buy told the Star Tribune that Judge's and Deno's departures are not connected to the probe involving Dunn.
Deno is no stranger to the food and hospitality industries: He spent 15 years with PepsiCo and its restaurant spin-off YUM Brands, serving in several positions, including CFO of Pizza Hut and chief operating officer of YUM Brands.
According to OSI's SEC filing, Deno will receive a $425,00 signing bonus and an annual base salary of $600,000.
“David is a seasoned global executive with extensive finance, operations, and business development experience and will be an excellent addition to the executive leadership team,” OSI Chairwoman and CEO Liz Smith said in a statement.
Best Buy is Minnesota's third-largest public company based on revenue, which totaled $50.7 billion for the fiscal year that ended on March 3.