Richard Schulze, founder and chairman of Best Buy, reveiled that he will be stepping down from his position on the board. He also announced that he is considering selling his 20.1 percent stake in the company. Schulze is the company's biggest shareholder.
He has worked with the company since it first opened in 1966. In May, he informed the company that he would be resigning. The announcement followed an investigation that revealed his awareness of then-CEO Brian Dunn's relationship with a female employee. He agreed to keep his position as chairman until the annual meeting on June 21 had passed and also his position as a director until after the 2013 annual meeting. However, on Thursday he announced his resignation would happen much sooner.
"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 said in a statement to USAToday. "Accordingly, I have shared my views with the Board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake."
Chairman of Best Buy's audit committee, Hatim Tyabji, will take Schulze's place as chairman of the board.
"Schulze is an iconic entrepreneur, and the board offers its deep appreciation for his enormous contributions and service as Best Buy's founder and chairman," the board said.
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