Schulze Resigns as Best Buy Chairman

Richard SchulzeRichard Schulze

MINNEAPOLIS-Richard Schulze, founder and chairman of Best Buy, has resigned from his post and from the retailer's board.

Schulze was to have left the chairman's spot on June 21 after Best Buy's annual shareholders meeting, to be succeeded by Hatim Tyabji, chairman and CEO of Bytemobile. He was to assume the title of chairman emeritus, and was to serve out the remainder of his term on the board, which was to end in June of next year.

Tyabji has assumed the chairmanship as of today.

In May, Best Buy announced that its board had found that Schulze had acted inappropriately in the matter of former CEO Brian Dunn. A board investigation had discovered that Dunn had violated company policy by engaging in a close relationship with a female employee "that negatively impacted the work environment," according to a statement issued at that time. The statement said Schulze failed to bring the matter to the board's audit committee after he confronted Dunn with the allegations in December.

Dunn resigned in April, succeeded by Mike Mikan, one of Best Buy's directors.

Schulze founded Best Buy in 1966 and served as its CEO until 2002.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

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