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
6/9/2012 11:21:16 AM
They need to close about 800-900 stores and become more like Fry's or Micro Center. Instead of locations in every neighborhood, the need to have only a few stores per urban area and deal in low prices with a lot of volume. They also need to realize that their constant harping on extended warranty sales has been driving customer away from their stores. They ONLY look at short term profits and ignore customer loyalty and service for the long term.
"There is a single light of science, and to brighten it anywhere is to brighten it everywhere." -- Isaac Asimov
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
Report: Next-Generation Surface RT Tablet to Feature Qualcomm's Snapdragon Processor
June 19, 2013, 8:41 AM
Google Starts Testing Balloons to Provide Internet Service to Ground Users
June 19, 2013, 8:20 AM
Lenovo Introduces $900, 15" ThinkPad S531 Ultrabook
June 18, 2013, 3:46 PM
Just How Powerful is the Xbox One? Microsoft is Confused
June 18, 2013, 11:30 AM
Microsoft Offering Schools/Colleges $199 Surface RT Tablets
June 18, 2013, 10:24 AM
Quick Note: First "Apple Approved" iOS Game Controller Pictured
June 17, 2013, 10:20 AM
Most Popular Articles
Source: Don't Worry, NSA Spies on "99 Percent" of Americans' Locations, Call Records
June 14, 2013, 3:57 PM
Xbox Chief: If You Can't Get Online, Don't Buy an Xbox One
June 12, 2013, 9:57 AM
GigaHertz Wars 2.0? AMD Releases World's First 5.0 GHz FX Processor
June 11, 2013, 3:16 PM
Former Palm CEO: Selling Palm to HP was a Waste
June 12, 2013, 10:19 AM
Report: Apple to Release Larger iPhone Screens, Cheaper iPhone for $99
June 13, 2013, 9:41 AM
Latest Blog Posts
Lumosity: Does it Work?
May 22, 2013, 8:20 PM
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
More Blog Posts
Copyright 2013 DailyTech LLC. -
Terms, Conditions & Privacy Information