Best Buy Chairman Resigns after Probe Finds He Withheld Information
May 15, 2012 9:29 AM
Another one bites the dust...
Best Buy is seeing sales slump as more and more people go online to purchase items at lower prices. Many consumers are now using retail stores such as Best Buy as places to go in to see and touch products that they then order online. Best Buy has also recently been hit with high-profile scandals involving high-ranking executives within the company.
Best Buy CEO Brian Dunn
last month, with the company citing “personal conduct” as the reason for his departure. That personal conduct was an inappropriate relationship with a female employee. That relationship has now cost another high-ranking Best Buy executive his position as Best Buy co-founder Richard Schulze has resigned from his position as chairman effective June 2012.
Schulze will leave the company in the wake of the board-supervised investigation into ex-CEO Dunn's inappropriate relationship with a 29-year-old subordinate.
The investigation found that Dunn had engaged in an "extremely close personal relationship" with the female worker that negatively impacted the work environment. The allegations of an inappropriate relationship within the workplace came to light in December of 2011 when the chairman was provided with a written statement from another employee about Dunn's relationship.
What cost Schulze his job was the fact that he didn't pass that information on to the board's audit committee. The audit committee is in charge of any ethical transgressions within the company. According to the report, Schulze confronted Dunn about the relationship and Dunn denied the allegations.
"I understand and accept the findings of the audit committee," Mr. Schulze, 71, said in a statement released by the company.
Schulze is being replaced as chairman by Hatim Tyabji, CEO of Bytemobile.
Wall Street Journal
"Vista runs on Atom ... It's just no one uses it". -- Intel CEO Paul Otellini
UPDATED: Best Buy CEO Resigns, Company Now Citing "Personal Conduct" for Departure
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