- Associated Press - Thursday, July 3, 2014

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 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. 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 declined comment.

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.

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Information from: Star Tribune, http://www.startribune.com

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