Despite months of drama over a possible buyout and a tense relationship in the beginning, Best Buy founder Richard Schulze and Chief Executive Officer Hubert Joly are forming an unexpected alliance.
“After exchanging views, I have become more confident that Hubert looked at the business much as I do,” Schulze told the Star Tribune.
“As CEO, you have to work with employees, vendors and shareholders every day and Dick is our largest shareholder,” Joly added. Schulze's effort to retake the Richfield-based consumer electronics giant “didn’t change anything. I would have had to build a relationship with Dick [in any case]. Dick is our founder. He is our largest shareholder. [No matter what happened with the buyout] he would still be our founder and our largest shareholder.”
Best Buy announced Monday that Schulze will return to the company he founded as chairman emeritus. Two former executives, Brad Anderson and Al Lenzmeier, will also serve as Schulze's representatives on the board of directors.
The moves comes just a few weeks after Schulze abandoned his efforts to submit a multibillion bid to buy the big-box retailer. He began to pursue an offer after he left Best Buy last year amid a scandal involving former CEO Brian Dunn.
Click here, to follow Best Buy's stock performance.