Schulze Back at Best Buy as Chairman Emeritus
March 25, 2013,
MINNEAPOLIS-Richard Schulze, founder of Best Buy, has returned to the retailer as chairman emeritus.
Schulze's role is to provide support to the management team, which is still led by Hubert Joly, president and CEO, for its Renew Blue effort to transform Best Buy. Announced last November, Renew Blue is a sweeping effort to reinvigorate Best Buy's business through enhancing its online and in-store experiences and reducing expenses.
Schulze founded Best Buy in 1966 as Sound of Music, and its name was changed to Best Buy in 1983. He served as chairman until last June, when he voluntarily stepped aside after an internal investigation found that he had failed to tell the board of directors' audit committee about an "extremely close personal relationship between former CEO Brian Dunn and a female employee," which, according to the investigation, "negatively impacted the work environment," according to a Best Buy statement. Dunn resigned last April.
Last August, Schulze proposed a buyout of the Best Buy common stock that he didn't already own, with a view toward taking the retailer private.