Best Buy Founder/Chairman Resigns 1 Year Early
June 8, 2012 6:20 PM
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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 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.
"Vista runs on Atom ... It's just no one uses it". -- Intel CEO Paul Otellini
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