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.
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6/11/2012 8:44:00 AM
A lot of people have been mentioning Best Buy beating NewEgg. Not trying to troll or anything, but Amazon usually beats NewEgg. I usually find the item i want on NewEgg and then buy it on Amazon.
Best Buy could easily take a more aggressive approach to pricing. The local Microcenter in my area has all the stuff that Newegg does, and does so while matching prices with newegg/amazon. They are usually packed as a result.
6/11/2012 12:18:54 PM
I think its about 50/50 for Amazon beating NewEgg.
It just comes down to whats on sale at the particular time your ready to buy. Now that NewEgg is getting bigger their prices are no longer the lowest on everything and you have to pay attention to what your buying.
Still in general NewEgg is a great and affordable place to buy. But from time to time they do loose my business to Amazon due to lower prices.
"What would I do? I'd shut it down and give the money back to the shareholders." -- Michael Dell, after being asked what to do with Apple Computer in 1997
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