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Best Buy founder resigns with immediate effect Thursday, 7th June 2012
Best Buy Co Inc founder Richard Schulze has resigned from his position as chairman and a director with immediate effect.
Schulze is said to be exploring the options for his 20.1 per cent stake in the electronics retailer, whose shares fell more than USD 1 to USD 18.75 in pre-market trading.
The Best Buy founder was previously expected to step down as chairman of the group on 21 June, following the 2012 annual meeting, and to remain a director through until the 2013 annual meeting.
His departure comes as a result of a controversy revealed involving former chief executive Brian Dunn. Schulze came under fire after failing to inform the board that Dunn had an improper relationship with a female employee.
According to Reuters, Schulze worked as Best Buy’s chief executive, chairman and director for 36 years, up to 2002, when he became chairman and a director.