Schulze returns to Best Buy as chairman emeritus

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Associated Press

Posted on March 25, 2013 at 9:02 AM

Updated Monday, Mar 25 at 10:01 AM

MINNEAPOLIS (AP) — Best Buy's co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus.

The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.

Schulze is also nominating two former Best Buy executives to the board: former CEO Brad Anderson and former Chief Operating Officer Al Lenzmeier to the board.

Schulze founded Best Buy and 1966 and is its largest shareholder. He resigned as chairman last May and left the board in June after a company investigation found he knew about an inappropriate relationship then-CEO Brian Dunn had with a female staffer.

Now Schulze says he supports CEO Hubert Joly's plans to turnaround the company.

Best Buy shares rose 28 cents to $23 in premarket trading.

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