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August 30, 2014

Best Buy gives Schulze until end of October to nominate board members

Richfield-based electronics retailer Best Buy Co. Inc. said in a disclosure Friday that founder Richard Schulze has until Oct. 31 to submit his board member nominations to the company’s board of directors, the Star Tribune reports.

Word of the deadline comes just over two weeks after Schulze failed to submit a bid to reacquire the company.

Schulze’s agreement with Best Buy entitles him to two board seats since he has a 20 percent stake in the company. According to the Star Tribune, Schulze can put forth three candidates, including himself, and Best Buy must select two of them.

Even though the company recently changed its bylaws to allow shareholders to nominate directors between Feb. 15 and March 15, Schulze is being allowed more time, a company spokeswoman said.

After Schulze failed to make a bid to buy the company at the end of February, he had indicated in regulatory filing that he had not decided whether to fill his board seats, the Star Tribune says.

Schulze started the company that eventually became Best Buy in 1966 with a music store in St. Paul.

Schulze, who now lives in Florida, recently made Forbes’ list of billionaires with a net worth of $1.45 billion.