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...
6/10/2012 3:09:51 AM
I disagree with you. Yes, some people do go into BB or Fry's to look at stuff and buy it off the net, but many people also go into the store to buy goods. It's so much better to be able to buy something and if there is a problem with it, have a place to return it to.
Money can be made from brick and mortar stores. Best Buys just needs to find a way to get people to buy from them, either from their store or through their online store.
I blame the current situation of BB on poor management decisions.
RE: How Can BB Compete with Amazon...
6/10/2012 4:49:18 PM
@Abzillah, you bring up a good point. Bestbuy is missing a large advantage they have over the Online Companies. I purchased a 55" Sony LCD that developed a blue colored hue in one corner of the screen. I called Bestbuy and explained the situation to them. They dispatched a team of technicians and replaced the screen. They did caution me to buy Samsung next time as their customer service is much more friendly. Had I bought online, I would have been on my own. Capturing that in a commercial would be a great way for BB to market themselves. Especially to non-tech savvy Baby-boomers. I find the Warranty push equally annoying, but that is part-in-parcel of shopping in a 'big-box' store. They could easily turn their fortunes around if they could focus on customer service!
"Intel is investing heavily (think gazillions of dollars and bazillions of engineering man hours) in resources to create an Intel host controllers spec in order to speed time to market of the USB 3.0 technology." -- Intel blogger Nick Knupffer
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
Retiree Sues Apple For $7,500 for Wiping Honeymoon Photos From His iPhone
November 30, 2015, 10:23 AM
iPhone 7 May Pack 3-4 GB Memory, More Storage; 4-Inch Comeback is Rumored
November 20, 2015, 10:12 PM
OnePlus One, OnePlus 2 Will Receive Android Marshmallow in Q1 2016
November 16, 2015, 9:58 AM
Lenovo Whoa: Motorola Droid MAXX 2 and Turbo 2 Break Cover in Leaks
October 26, 2015, 3:12 PM
Leak: Apple Preps for First Real Android App Foray With New Apple Music App
October 24, 2015, 1:59 PM
Pepsi Smartphone? Empty Calories Coming Soon to the Midrange
October 12, 2015, 11:41 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
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
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information