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Best Buy: Dunn Acted Inappropriately; Founder to Step Down as Chairman

Best Buy releases its investigation findings on former CEO's conduct and the company's founder will step down.

Best Buy founder Richard Schulze will step down as chairman after an investigation found that he failed to alert the board about allegations of now-former CEO, .

According to Bloomberg Business, the found that he acted inappropriately, such as sending multiple e-mails and text messages to the woman, lending her money and giving her free tickets to concerts and sporting events. in the midst of the investigation.

“The growing awareness and speculation surrounding the friendship created friction and disruption in the workplace," the committee said. "And, according to her supervisor, impeded efforts to supervise the female employee."

While the investigation found that Dunn acted inappropriately, it was determined that there was no misuse of company funds, according to CBS Minnesota.

Schulze was reportedly told about the allegations in December 2012 and confronted Dunn. However, he failed to tell the company's audit committee.

Schulze will be replaced by director Hatim Tyabji following the annual meeting on June 21; this is the fifth in the last couple months. The company is still working on finding a new CEO.

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David Haines May 14, 2012 at 05:48 PM
Jeez....the bad news keeps coming. I thought bad things just happened in threes?
Caitlin Burgess May 14, 2012 at 06:47 PM
I know. There is still more to come. They still need a replacement CEO and I haven't seen anything on how much money Dunn will or will not be getting as a severance.

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