Jan. 21 (Bloomberg) -- Best Buy Co., the world’s largest electronics retailer, said Chief Executive Officer Brad Anderson will retire in June and be replaced by Operating Chief Brian Dunn less than a week after its main rival began liquidating assets.

Anderson, 59, who joined the company as a stereo salesman in 1973, will remain on the board as vice chairman until his term expires in 2010, the Richfield, Minnesota-based company said today in a statement. He became Best Buy’s second CEO in 2002, taking over from Richard Schulze, who is chairman.

Revenue more doubled to $40 billion last year under Anderson’s leadership, Best Buy said. He expanded into China, Mexico and Turkey as well as in Europe and focused the stores on customer types, rather than products, helping win sales from rivals such as now-bankrupt Circuit City Stores Inc., which began going-out-of-business sales at its 567 U.S. locations Jan. 17.

Dunn, who started with Best Buy in 1985 as a VCR salesman in the Minnetonka store, one of the retailer’s then 12, becomes CEO June 24. The 48-year-old has been president and COO since 2006. The retailer now runs about 3,900 locations in 13 countries.

Best Buy rose 8 cents to $27.31 at 4 p.m. New York Stock Exchange composite trading. The shares dropped 47 percent last year.

To contact the reporter responsible for this story: Mark Clothier in Atlanta at mclothier@bloomberg.net.

Last Updated: January 21, 2009 16:15 EST