June 7, 2012, 4:32 PM

Best Buy’s founder quits

Richard Schulze resigned from the consumer electronics’ retailer’s board today.

Lead Photo

Richard Schulze, who in 1966 founded the retail store that would evolve into the Best Buy chain, announced today that he has resigned from his position as chairman of the board of directors’ of Best Buy Co.

The company had previously announced that Schulze would later this month leave the chairman role for an honorary position as founder and chairman emeritus. Schulze now says he won’t take on that position.

Hatim A. Tyabji takes over as chairman  effective today. Tyabji has been on Best Buy’s board since 1998, Best Buy says.

Schulze, who still owns a 20.1% stake in Best Buy, in a statement released today, says he will “explore all available options” for his ownership stake.

Best Buy is No. 11 in the Internet Retailer Top 500 Guide.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Przemyslaw Mankowski / E-Commerce

How can online businesses benefit from programmatic marketing?

With access now to vast and more accurate data, programmatic marketing brings us ever closer ...

FPO

Jill Puleri / E-Commerce

Still time to update e-commerce before the holidays

The advent of cloud-based solutions make it possible to overhaul an e-commerce platform in as ...

Advertisement