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
RE: How Can BB Compete with Amazon...
6/9/2012 12:56:33 AM
Best Buy doesn't even have the products I want. Whenever I walk in I think to myself, "why am I here again?"
Most of the stores are a maze, they don't have products I want to buy and the salespeople aren't there to help me but tell me lies and sell me a service plan because they're uneducated bufoons hired by uneducated bufoons.
Their only redeeming features are non-existent. Best Buy has absolutelly no advantages compared to TigerDirect, Amazon and Newegg. None at all.
"We shipped it on Saturday. Then on Sunday, we rested." -- Steve Jobs on the iPad launch
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
Moto 360 to go "Champagne Gold" for $299, According to Amazon Listing
October 30, 2014, 3:24 PM
Call-capable Samsung Gear S Smartwatch Launches Nov 7 in U.S.
October 30, 2014, 12:45 PM
Lenovo Completes $2.91B Acquisition of Motorola
October 30, 2014, 11:57 AM
Samsung Electronics Q3 Profit Falls by 60%, Mobile Division Sees 74% Profit Decline
October 30, 2014, 10:10 AM
Microsoft's $199 Fitness Band Packs in 10 Sensors, Works with Windows Phone, iOS, and Android
October 30, 2014, 8:58 AM
Google’s Project Ara Modular "LEGO" Smartphone Shown Booting Up on Video
October 29, 2014, 5:28 PM
Most Popular Articles
Amid Theater Boycott Netflix Defiantly Plans New Movies, Plus 3 TV Shows for 2015
October 24, 2014, 7:30 PM
AT&T Defeats Purpose of New Apple SIM, Locks iPad Air 2 SIMs to Its Network
October 24, 2014, 2:17 PM
CVS, Rite Aid Kill Unofficial Apple Pay Support, Burn Google Wallet Users in the Process
October 25, 2014, 5:26 PM
1 Million Credit Card Activated on Apple Pay Within 72 Hours, Walmart CEO Hopes Visa "Suffers"
October 28, 2014, 8:17 AM
Microsoft's Figures Show Desktop Users Flocking to Windows 10 Preview
October 27, 2014, 11:04 AM
Latest Blog Posts
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information