Skip to main content

Best Buy founder rejoins retailer with new role, title: Chairman Emeritus

  • Author:
  • Updated:
    Original:

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.”

Next Up

4303450641_ec7536c6ea_k

Three new Grandstand shows added for Minnesota State Fair 2022

The Beach Boys and Portugal. The Man are among several acts booked.

St. Louis County

St. Louis County set to declare state of emergency ahead of peak flood levels

Volunteers are urgently needed for sandbagging efforts in a small community near Voyageurs National Park.

Screen Shot 2022-05-16 at 5.03.30 PM

Brothers Bar & Grill closes in downtown Minneapolis

The Midwest chain closed its St. Cloud location in 2018.

Ken Jeong

Licensed physician Ken Jeong to do standup in MN this September

The licensed physician will take the stage at Treasure Island Resort and Casino on Sept. 30.

Osseo Police Department

Osseo PD says officer did not pursue suspect who caused fatal crash

The crash happened in Brooklyn Park early Sunday morning.

221 Main Street. E. Albert Lea

Suspect arrested after 3 family members stabbed in Albert Lea

The three victims are related, according to police.

wastewater

Evidence that omicron strains BA.4 and BA.5 are in Minnesota

The European CDC has warned of a possible significant summer surge fueled by the omicron subvariants.

driving unsplash - crop

Hastings man charged for driving drunk with 2-year-old in vehicle

Matthew Quade's BAC was almost five times over the legal limit when police pulled him over last week.

police lights

Arrest made after person shot at Hopkins apartment building

Police say this was an isolated incident and that the victim and suspect knew each other.

covid

BA.2.12.1 omicron subvariant quickly becoming dominant in MN

Experts say the subvariant is more transmissible but there is not evidence to suggest it causes more severe disease.

Related