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Best Buy CEO Brian Dunn resigned as the company's board investigated issues related to his "personal conduct," the electronics retailer said late Tuesday.

Dunn's resignation was announced earlier in the day, less than two weeks after the company announced a $1.7 billion quarterly loss and plans to shut 50 of its struggling big-box stores.

Initially the company said the decision was made by "mutual agreement," and many analysts assumed the transition was related to the retailer's financial problems.

But late in the day the company revealed that Dunn had been under investigation at the time of his resignation.

"Certain issues were brought to the board's attention regarding Mr. Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated," the company said. "Prior to the completion of the investigation, Mr. Dunn chose to resign."

The company did not provide additional details.