Best Buy's founder, chairman emeritus and largest shareholder plans to sell an undisclosed amount of his stock in the Richfield-based electronics retailer, according to documents filed with the Securities and Exchange Commission.
MPR reports that Richard Schulze, 72, holds about 70 million shares of Best Buy, about a fifth of the company's stock. The sale “is part of his personal long-term strategy for asset diversification and liquidity,” the SEC filing said.
The Star Tribune says it will be the first time Schulze has sold Best Buy stock in six years. Schulze will reduce his holdings between October and March, but will have no control over exactly when the stock is sold, a tactic designed to prevent company insiders from trading on nonpublic information.
Last year, Schulze led an effort to take the company private. He later backed off and returned to the company in March with the honorary title of chairman emeritus and the opportunity to appoint two people to Best Buy's board of directors. Schulze received $2.1 million over 12 months to create a business plan.
Best Buy's stock is up almost 200 percent year-to-date, rising from less than $12 per share in January to its closing price Monday of $35.81, according to the Pioneer Press.
The Star Tribune reports Schulze will to use the proceeds from the sale to strengthen his family foundation, which will focus on K-12 education and medical research.