Best Buy Chairman Fails In Effort To Take Retailer Private
One year ago Best Buy founder and chairman Richard Schulze resigned when the board discovered that then-CEO Brian Dunn had engaged in an inappropriate relationship with a female employee and Schulze had failed to bring it to the board's attention.
A few months later Schulze, who remains the retailer's biggest shareholder, launched a bid to take the company private at a share price between $24 and $26.
That effort failed, and in March of this year, Schulze surprised everyone by returning to the company with the title "chairman emeritus." While that's just an honorary title, Schulze addressed Best Buy employees at the company's Richfield, Minn., headquarters with a list of what he saw as the retailer's top 10 priorities, according to a Star Tribune story. Schulze's interests on the board are represented by former CEO Brad Anderson and former president and vice chairman Al Lenzmeier.