Best Buy Chairman and Founder Richard Schulze Resigns, Could Sell Stake In Company

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Photo: cbcastro on flickr

Best Buy’s founder Richard Schulze is resigning as chair of the company’s board of directors after serving it for more than four decades.Click here for updates >

In a statement, Schulze said he would explore options for his 20.1 per cent ownership stake, which is valued at approximately $1.37 billion.

“There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers,” Schulze said in a statement.”Accordingly, I have shared my views with the Board and today informed them of my decision to resign as Chairman and a director, effective immediately, in order to explore all available options for my ownership stake.”

The news follows the resignation of Brian Dunn, Best Buy’s Chief Executive, in April. Dunn left the company before an investigation into personal misconduct could be completed by the the board of directors.

Shares in Best Buy are more than five per cent lower in pre-market trade.

SEE ALSO: The Collapse Of Best Buy In Two Simple Charts >

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