Best Buy Co. Inc. has announced that Richard Schulze will rejoin the company that he founded with a new title: chairman emeritus.
The Star Tribune reports today's move will solidify Schulze’s reconciliation with the board that removed him as chairman last May. The outster prompted Schulze’s effort to acquire Best Buy with the help of private equity investors. He abandoned the 10-month buyout attempt earlier this year.
The Pioneer Press reports it this way: "After a year of hostilities, the war is over between Best Buy management and company founder Richard Schulze."
The Richfield-based retailer also announced that two former executives, Brad Anderson and Al Lenzmeier, will serve as Schulze's representatives on the board of directors. They are key Schulze allies who had advised him on his attempt to buy the company.
As chairman emeritus, Schulze has no formal role on the board, but his presence gives an endorsement to CEO Hubert Joly and his plan to revive the world's largest consumer electronics retailer.
“I am delighted our Founder, Dick Schulze, is returning to the company as its Chairman Emeritus,” Joly said in a statement. “His passion, wisdom and insight are legendary...and I look forward to his engagement as we move forward.”