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Best Buy Founder Abandons Plan to Buyout the Company

by Sean P. Aune | March 26, 2013March 26, 2013 7:00 am PDT

Best Buy store

Best Buy Buyout Saga

Best Buy Founder and Chairman Richard Schulze Resigns

Best Buy founder, chairman and director Richard Schulze resigned from the big box retailer on Thursday. The news follows the April announcement that Best Buy’s CEO Brian Dunn was stepping down following a scandal. “I continue to believe in Best Buy and its future—and care deeply about its customers, employees and shareholders,” Schulze told The Wall Street Journal. “There […]

Best Buy Founder Richard Schulze Offers to Buy Firm, Take it Private

Best Buy founder Richard Schulze is offering between $24 and $26 per share for the big-box retailer. Schulze stepped down from his position as chairman of the board earlier this year. “I have been actively exploring all available options for my ownership stake,” Schulze said. “That exploration has reinforced my belief that bold and extensive changes are needed […]

Best Buy Founder Schulze Didn’t Meet Deadline to Buy Retailer

Best Buy founder Richard Schulze said in August that he was interested in acquiring Best Buy and taking it private. At the time, he offered to buy the company for $24-$26 per share, although he needed to work with private equity partners and others in order to raise the capital required. It appears that he […]

Richard Schulze, the founder of Best Buy, has ended his attempt to buyout the company and is returning to the company’s board of directors. The company announced on Monday that Schulze will be returning to the board of directors as “Chairman Emeritus,” and he has also nominated two new members to be seated along with him thanks to an agreement that was reached that would end the buyout attempt.

“Over the past several months, I have come to know and respect Hubert (Joly, CEO), 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.”

Best Buy has been trying to adjust its fiscal ship for some time now, and it’s hoping that the newly launched “Renew Blue” initiative will allow it to do so. This includes moves such as shutting down Best Buy Capital – its venture capital division – so that it can concentrate as many resources as possible on its core retail business.

Is it too little, too late? We’ll just have to wait and see if the company can turn itself around.

Founder Richard Schulze Returns to Best Buy as Chairman Emeritus in Support of the Company’s Renew Blue Transformation Efforts

MINNEAPOLIS, March 25, 2013 — Best Buy and its Founder, Richard Schulze, announced today that Mr. Schulze is returning to the company as its Chairman Emeritus. In addition, Mr. Schulze has nominated Brad Anderson and Al Lenzmeier to serve on the Best Buy Board of Directors, pursuant to a previously disclosed agreement between the company and Mr. Schulze.

“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.

“The Board has full confidence in Hubert and the management team, and is entirely supportive of the company’s Renew Blue transformation efforts,” said Hatim Tyabji, chairman of the Best Buy Board of Directors. “My fellow Board members and I are pleased to welcome Dick back to the company as Chairman Emeritus and are confident that the role he will play in support of the management team can only accelerate the progress that Best Buy has already made.”

“I am delighted our Founder, Dick Schulze, is returning to the company as its Chairman Emeritus. His passion, wisdom and insight are legendary, and I know I speak for all my colleagues when I say it was wonderful to see him come to our headquarters recently and engage with employees as he and I walked the halls,” said Joly. “I look forward to his engagement as we move forward. I am also delighted to have Brad and Al join our Board and to have the company benefit from their experience and wisdom.”

Mr. Anderson and Mr. Lenzmeier join the Best Buy Board of Directors, effective immediately. They will stand for election at the company’s annual shareholder meeting in June 2013.

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Sean P. Aune

Sean P. Aune has been a professional technology blogger since July 2007, but his love of tech dates back to at least 1976 when his parents bought...

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