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Best Buy's Schulze makes plans for $1B foundation

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Best Buy founder Richard Schulze plans to slowly swell the size of his $100 million family foundation to $1 billion in an effort to seek transformational change in education and medicine "for the benefit of mankind," the Star Tribune reports.

The 72-year-old mogul told the newspaper Monday that he and his wife Maureen aim to gradually give half their net worth to the Minneapolis-based Richard M. Schulze Family Foundation.

The foundation has not been active in the months since Schulze's daughter Nancy Tellor left the foundation, but Schulze told the Star Tribune that Mark Dienhart, executive vice president and chief operating officer of the University of St. Thomas, will take the re-energized foundation's helm July 1. Schulze has been a long-time financial contributor to St. Thomas.

Schulze ranked No. 311 on Forbes' recent list of the world's billionaires, with a net worth of about $1.45 billion.

Schulze founded the electronics giant in Minnesota in 1966. But the struggling Minnesota-based retailer has seen a lot of upheaval in the last few years. Schulze, the publicly traded company's top shareholder, left the board last year and eventually launched an effort to acquire the big-box retailer and take it private. That plan was dropped, and Schulze rejoined the company in March as chairman emeritus.

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