Wednesday, March 27, 2013
Media comments range from cautiously skeptical to downright hostile.
In the short time since Richfield-based Best Buy's Monday announcement about the return of founder Richard Schulze as 'Chairman Emeritus', online observers has been abuzz with analysis and speculation. Here is a sampling. The Star Tribune told the tale of an unlikely boardroom bromance budding: What began as a tense standoff between Best Buy and its founder gradually evolved into an unlikely alliance between two men with enormous sway over the future of Best Buy: [Hubert] Joly as CEO and Schulze playing the role of both outside agitator and the company’s de facto spiritual leader. In a separate story, the Star Tribune questioned how well the founder fits his new job description: Show up smiling at company functions. Give advice when the …
Monday, March 25, 2013
The Richfield-based company's founder returns nine months after he resigned.
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…
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Monday, August 27, 2012
Founder Dick Schulze is hoping to save the company by taking it private.
After talks failed last week, Best Buy and its founder and former chairman, Dick Schulze, have reached an agreement allowing Schulze to conduct due diligence in his effort to acquire the campany. The agreement gives Schulze immediate access to all financial data, which may help him find private equity partners to fund his proposed takeover. Earlier in August, Schulze offered to pay anywhere from $24 to $26 per share, which would total just under $9 billion. According to a company statement, Schulze can bring a complete proposal to the company within 60 days. If that offer is rejected, Schulze has to wait until January 2013 to pursue an acquisition through other means. At that time, Best Buy will have 30 days to review the offer before …
Thursday, August 23, 2012
The Richfield-based retail chain lost 13 percent of its value this week.
Monday, August 20, 2012
Hubert Joly's appointment comes after months of looking for a new company leader.
Follow Richfield Patch on Twitter | Like us on Facebook | Sign up for our daily newsletter Announcing that Hubert Joly would be taking over from interim CEO George “Mike” Mikan as Best Buy’s new CEO, the Richfield-based consumer electronics retailer on Monday touted the longtime Minnesota executive’s experience growing media, technology and service sector companies as the principal reason behind the hire. Joly, who since March 2008 had been CEO of Carlson, the global hospitality and travel company headquartered in Minnetonka, resigned from that company over the weekend. He is expected to begin at Best Buy in early September. Best Buy pointed out Joly’s successful history orchestrating corporate turnarounds. As an executive with …
Thursday, June 7, 2012
Richard Schulze was originally going to step down June 21, however, in a statement today he wants to "explore" all his ownership options.
After announcing he would step down as Best Buy chairman 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 …
Thursday, May 17, 2012
Brian Dunn resigned as CEO on April 9 amid a personal conduct investigation and shortly after the company announced it would be closing 50 stores.
Former Best Buy CEO Brian Dunn is set to receive a $6.6 million severance package. According to CBS Local, the payout includes a 2012 bonus of $1.1 million, stock grants of $2.5 million, a severance payment of $2.9 million and more than $100,000 for unused vacation. The amount is more than double the $3.2 million Bloomberg Business reported earlier this month. The severance announcement came shortly after Best Buy's audit committee released a three-report on its investigation into Dunn's alleged relationship with a female staffer. The committee determined that Dunn had acted inapproriately, however, there was no misuse of company money. The company's found Richard Schulze announced he would step down as chairman after the investigation …
Monday, May 14, 2012
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, Brian Dunn, having an inappropriate relationship with a 29-year-old female staffer. According to Bloomberg Business, the committee charged with investigating Dunn's conduct 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. Dunn resigned April 9 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, …
Caitlin Burgess
10:40 pm on Thursday, May 17, 2012
Um yeah. That's a lot of money, but it seems legit. In regards to the three year thing, I'm just wondering what job prospects look like for this guy. I mean, yes there are millions coming in now, but If he really did want to continue to work, is he an attractive candidate? more ›