Schulze returns to Best Buy as chairman emeritus
MINNEAPOLIS -- Best Buy's co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus.
The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.
Best Buy has been working to turn around its results as it faces tough competition from online retailers and discounters. Since hiring turnaround expert Hubert Joly as its CEO in August, the company has cut jobs, invested in training employees and started matching online prices.
Schulze is also nominating two former Best Buy executives to the board: former CEO Brad Anderson and former Chief Operating Officer Al Lenzmeier to the board.
Schulze founded Best Buy in 1966 and is its largest shareholder, with a 20 percent stake in the company. He resigned as chairman last May and left the board in June after a company investigation found he knew about an inappropriate relationship then-CEO Brian Dunn had with a female staffer.