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Clearly, he's a winner: EXCEL Award recipient Brian J. Dunn explains the impact of openness on Best Buy's bottom line.

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When Brian J. Dunn, recently appointed chief executive of Best Buy, took the stage at IABC's World Conference in June to accept the EXCEL (Excellence in Communication Leadership) Award, he captured the attention of hundreds of communicators with his first few words. Dunn chose not to use a podium. And after interviewing him post-session, I can see why. With a booming voice and a broad smile, Dunn's delivery was funny, passionate and heartfelt. This man loves his company, and he's clearly dedicated to the 155,000 employees who have made it the leading consumer electronics retailer in the U.S.

Times have been tough for everyone lately, and Minneapolis, Minnesota-based Best Buy is no exception. Last year, as president and chief operating officer, Dunn found himself navigating a painful course that included a dramatic drop in sales and stock value, and a round of layoffs at the corporate support center. As with the podium, nothing stands between Dunn and his ability to communicate openly and transparently. His thoughtful, intuitive approach to communication helped the company pull through a difficult year with its culture and core values intact. In the following interview, Dunn walks us through that approach and explains how it has made a difference for Best Buy.

Natasha Nicholson: I'd like to start with how you handled communication in 2008, because it speaks to your approach regarding transparency.

Brian Dunn: It was a frightening year for people, and I think that as institutions--the banks notably, which people are so used to trusting and believing in--started to fail and have difficulties, I think people were looking for places they could hang on to and sort of get a real perspective. That was primarily what we were trying to do--this idea of "Hey, you know what? This is crazy, this is tough, here's what we're going to do about it, here's what we know so far, and...

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