Best Buy Founder Steps Down, Mulling Sale Of His 20% Stake

Law360, New York (June 07, 2012, 6:38 PM ET) -- Best Buy Co. Inc.'s founder and largest individual shareholder Richard Schulze said Thursday he would step down as chairman of the retailer and “explore all viable options” for his 20.1 percent interest in the company, a move that could stoke private equity investors.

The announcement comes two weeks ahead of Schulze's planned resignation date and follows a rough year for the company, which has struggled to compete with online powerhouse retailer Inc. The decision also comes after the well-publicized April ouster of Best Buy's former...
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