Best Buy Founder/Chairman Resigns 1 Year Early
June 8, 2012 6:20 PM
comment(s) - last by
He is also looking at possible options for his 20.1 percent stake in Best Buy
chairman and founder has resigned one year ahead of schedule
as the brick-and-mortar electronics store struggles to keep its head above water.
Richard Schulze, 71, chairman and founder of Best Buy, resigned from his position yesterday and it is effective immediately. He was originally scheduled to resign in June 2013, but has decided to leave ahead of time.
“There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers,” said Schulze. “Accordingly, I have shared my views with the board and today informed them of my decision to resign as Chairman and a director, effective immediately, in order to explore all available options for my ownership stake.”
At Best Buy’s annual meeting last month, the new succession plan was laid out for June 2013. It was announced that Schulze would be replaced by Hatim Tyabji as chairman, but the transition wasn’t supposed to take place until June 2013. It is unclear why Schulze resigned early.
Schulze’s resignation comes amidst an investigation into Best Buy’s former CEO Brian Dunn, who has been accused of
misusing company funds
while conducting a relationship with a female subordinate. Dunn resigned from CEO in April.
To make matters worse, Best Buy recently posted a $1.7 billion quarterly loss. Also, in late March, Best Buy said it would close 50 of its 1,100 retail stores in order to save $800 million.
Schulze will be looking into other options for his 20.1 percent stake in Best Buy.
This article is over a month old, voting and posting comments is disabled
6/8/2012 11:17:32 PM
Not to mention more then just tweenagers staff that give no better advice then whats on the damn box or what they read on the internet.
I've seen guys at my local Best Buy spend more time trying to hit on the cute girls working at the cashier stand then helping customers. No, im not joking
6/11/2012 12:04:41 PM
I had a raid controller fail last night, turned out to be a capacitor in a filtering circuit. Other than being slightly raised from the underside by the rubber insulator, it appeared ok, but after testing with a multimeter, the circuit wasn't putting out any voltage so internally the cap completely failed.
6.3vDC/1500uF. Radioshack, Fry's, Microcenter, even a local electronics store had no exact match.
This doesn't have a lot to do with Best Buy, but my point is, even when
cost is no issue
these stores can't help you even when it comes to locating what I feel is a pretty common part on virtually every PC motherboard (which is where I eventually sourced the 'donor' capacitor from)
With the quality of capacitors, or lack there of, I don't think it should require an overnight delivery from an online vendor to obtain them.
6/11/2012 4:42:26 PM
Did you really need an exact match? I've always been under the impressions that caps are like hand grenades (especially if you wire them backwards) just get them near the target.
You have to consider the market. Most people don't know what a cap is. Most of those who do don't know how to test it. Most of those who do don't know how to replace it. Most of those who do aren't going to take the time to do it when they can just replace the board. In my view, if one cap has failed, the rest are sure to follow suit shortly. I just upgraded my system and found that about 90% of the electrolytic caps on my existing board were bulging.
Anyway, my point is that there are very few individuals who need individual components anymore. I used to manage a Radio Shack and I HATED the components section. They had low profit margin, where easy to shoplift, difficult to inventory and didn't get much turnover. It just isn't worth it for a brick-and-mortar store to carry them.
“We do believe we have a moral responsibility to keep porn off the iPhone.” -- Steve Jobs
Best Buy Chairman Resigns after Probe Finds He Withheld Information
May 15, 2012, 9:29 AM
UPDATED: Best Buy CEO Resigns, Company Now Citing "Personal Conduct" for Departure
April 10, 2012, 1:02 PM
Apple Releases Tim Cook's Testimony on Corporate Tax Laws
May 20, 2013, 7:40 PM
Apple's Tim Cook to Talk Profit Shifting, Taxes at U.S. Senate Hearing
May 20, 2013, 1:44 PM
HTC to Double Production Capacity for "One" Flagship Smartphone This Month
May 20, 2013, 10:10 AM
LG Showcases 5" Flexible OLED Technology at SID 2013
May 20, 2013, 8:18 AM
Air Force Expects to Save Over $50 Million in 10 Years by Using iPads
May 17, 2013, 12:26 PM
Former Intel CEO Regrets Passing Up on iPhone Gravy Train
May 17, 2013, 11:46 AM
Most Popular Articles
Windows 8.1 Will Be Free; Microsoft Holds Onto Struggling ARM Variant
May 14, 2013, 2:57 PM
Google Announces "Pure" Galaxy Nexus S4 for $649, Android Updates
May 15, 2013, 1:42 PM
Bill Gates Gets Teary-Eyed While Discussing Steve Jobs, Shows Off Life-Saving Tech on 60 Minutes
May 13, 2013, 12:30 PM
U.S. Federal Traffic Board Wants to Make Drunk Driving Threshold Far Harsher
May 15, 2013, 11:32 AM
Google's Eric Schmidt: "Don't Be Evil" was Stupid
May 14, 2013, 11:00 AM
Latest Blog Posts
Quick Note: Sony "Teases" PS4 Ahead of Xbox Reveal in New Video
May 20, 2013, 12:33 PM
Nokia Introduces Instagram-Like App of Its Own to Help Lumia Sales
May 20, 2013, 7:10 AM
Parents of Pre-Teen Drivers Commonly Practice Distracted Driving Says Study
May 9, 2013, 7:16 AM
Apple's iOS 7 Running Into Internal Delays Due to Massive Overhaul
May 1, 2013, 4:26 PM
Elon Musk Willing to Spend More Money on Widening of 405 Freeway
Apr 26, 2013, 7:28 PM
More Blog Posts
Copyright 2013 DailyTech LLC. -
Terms, Conditions & Privacy Information