MINNEAPOLIS (AP) — Best Buy chief executive Hubert Joly has resigned his chairmanship of the board of the Minneapolis Institute of Arts after saying he had begun a relationship with a museum staffer.
Joly said he stepped down to avoid any potential conflict of interest with his board responsibilities. In an email to the Star Tribune (http://strib.mn/1osAKyq ), he said the relationship began recently.
The Star Tribune reported Joly's departure comes just as the museum is preparing to celebrate its centennial year with. Reid MacDonald, a member of the board's executive committee, said Joly had helped greatly with fundraising and "created a good spirit" about the museum.
A museum spokeswoman didn't immediately respond to a phone call and email from The Associated Press.
Joly last year sold $10.4 million in Best Buy stock in what the company said was a move to cover the cost of his divorce.
Information from: Star Tribune, http://www.startribune.com