Best Buy founder Richard Schulze resigns as Chairman and Board Director

By on Jun 8, 2012 in Business, United States Comments

Updated: August 20, 2012 2:10 p.m.

Read Hubert Joly named as new Best Buy CEO, founder Richard Schulze declines offers on diligence deal

Best Buy founder Richard Schulze resigned on Thursday, June 7, 2012 from his position as the company chairman and board director, with Audit Committee Chairman Hatim A. Tyabji to replace him.

Best Buy founder Richard Schulze
Image Credit: Best Buy

As noted at CNN Money that day, Richard Schulze, who served as the company’s director for 36 years and controls around 20.1% percent of Best Buy, notified the board about his resignation, which will be effective immediately, after 36 years being in the electronics retailer company.

“I continue to believe in Best Buy and its future — and care deeply about its customers, employees, and shareholders.” Schulze was quoted in the report, and is being expected to serve out the remainder of his term as director through June 2013.

“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.” Schulze added, with the company announcing last March that 50 US big-stores will be closed and to be replaced by 100 stand-alone stores.

Schulze, 71, announced last month that he will resign as the company chairman after an investigation reportedly found out that he knew that Best Buy CEO Brian Dunn was having a relationship with a female employee but did not inform the audit committee.

According to Best Buy on its official press site on Thursday, Mr. Tyabji has served as a director since 1998 and has more than 40 years of experience as a board member, operating executive, and entrepreneur in various technology industry segments.

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