Schulze Back at Best Buy as 'Chairman Emeritus'

Richard Schulze is returning to Richfield-based Best Buy in the role of "chairman emeritus," the company announced Monday.

Schulze, who founded Best Buy in 1966, resigned last June then embarked on an ultimately aborted effort to buy the company.

From the statement Best Buy issued Monday:

“Over the past several months, I have come to know and respect Hubert, and have a high regard for the work he and his executive team are doing to revitalize Best Buy for the benefit of all stakeholders,” said Schulze. “My dedication to the company that I founded and love is unwavering and, together with Hubert and the Board, I determined that the best way to support Best Buy would be to return in support of the initiatives underway.”

“At the same time, it is a great privilege to nominate to the Board two long-time colleagues, Brad Anderson and Al Lenzmeier, who helped build Best Buy into what it is today and will continue adding great value in their new role,” Schulze added.

Star Tribune reporter Thomas Lee provided this analysis:

The moves essentially cements Schulze’s reconciliation with the board that ousted him as chairman last May, an event that triggered Schulze’s 10-month quest to acquire Best Buy with the help of private equity investors. As chairman emeritus, Schulze has no formal role on the board, but his presence gives a strong endorsement to CEO Hubert Joly and his plan to revive the world’s largest consumer electronics retailer.

Related:

• March 6, 2013: Deadline for Best Buy Founder to Acquire Company Expires
• Feb. 26, 2013: Best Buy Cuts 400 Corporate Jobs
• Feb. 20, 2013:
• Nov. 21, 2012: Best Buy Reports Dismal 3rd Quarter Earnings
• Nov. 20, 2012: Best Buy Names New CFO
• Oct. 24, 2012: Best Buy Eliminates Top Layer of Senior Execs
• Sept. 24, 2012:
• Aug. 6, 2012: Best Buy Founder Offers To Purchase Company & Take It Private
• June 7, 2012: Best Buy Founder Resigns Early