Best Buy Founder Resigns Early

Richard Schulze was originally going to step down June 21, however, in a statement today he wants to "explore" all his ownership options.

following an annual meeting June 21, company founder Richard Schulze's resigned today.

“I continue to believe in Best Buy and its future—and care deeply about its customers, employees and shareholders,” he said in a statement. “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. 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.”

Schulze originally announced his resignation May 14 after an audit committee found he failed to alert the board about allegations of now-former CEO, .

According to the Star Tribune, Schulze could decide to take the struggling company private with new owners and management. Schulze is the largest single shareholder at 20.1 percent.

Forbes.com reported the company named Hatim Tyabji as the new chairman shortly after Schulze's announcement.


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