Updated: 07/03/2014 4:17 PM
Created: 07/03/2014 4:11 PM KAALtv.com
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 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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