June 7, 2012, 4:32 PM

Best Buy’s founder quits

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

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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.

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