News

Best Buy chairman, founder resigns

June 7, 2012

More tumult at troubled retail giant Best Buy: Richard Schulze, who founded the company and has served as its director for nearly four decades, has resigned.

"I continue to believe in Best Buy and its future — and care deeply about its customers, employees and shareholders," he said in an interview with CNN. "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 owns approximately one-fifth of the company.

Best Buy's CEO Brian Dunn resigned in early April, his legacy at the retailer stained by allegations of an inappropriate relationship with a female co-worker.