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Best Buy board opens probe into CEO's alleged misconduct

Best Buy Co. Inc. said Jan. 17 that its board is investigating allegations of misconduct by the company's CEO Corie Barry.

An anonymous letter sent to the company's board alleges that Barry had a romantic relationship with former Best Buy Senior Vice President Karl Sanft, The Wall Street Journal first reported.

"Best Buy takes allegations of misconduct very seriously," the company said in an emailed statement to S&P Global Market Intelligence.

The company's board has hired law firm Sidley Austin LLP to conduct an independent review, the statement said.

"We encourage the letter's author to come forward and be part of that confidential process. We will not comment further until the review is concluded," the company said.

Barry, who was named CEO of Best Buy in April 2019, said in a separate statement that she is cooperating with the board for the investigation.

"The Board has my full cooperation and support as it undertakes this review, and I look forward to its resolution in the near term," Barry said.