ADVFN - Advanced Financial Network.
HOME» NYSE » B » BBY Stock Price » BBY Stock News

Best Buy Share News

 Best Buy Stock Price
BBY Stock Price
 Best Buy Stock Chart
BBY Stock Chart
 Best Buy Stock News
BBY Stock News
 Best Buy Company Information
BBY Company Information
 Best Buy Stock Trades
BBY Stock Trades

Best Buy Chairman Schulze Resigns To Explore Options For Stake

By Kristin Jones Best Buy Co. (BBY) founder Richard Schulze said he will resign as chairman, effective immediately, in order to explore options for his 20.1% ownership stake. "I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders," Mr. Schulze said. "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." Mr. Schulze's comments come as Best Buy shares have faced pressure amid a scandal and probe that found former Chief Executive Brian Dunn engaged in an "extremely close personal relationship" with a subordinate that "negatively impacted the work environment." The stock is off 18% this year and slipped 6% to $18.70 in recent trading. Its market value was $6.81 billion as of Wednesday's close. Mr. Schulze, 71, was Best Buy's chief executive for 36 years, until 2002. Since then, he has continued to serve as chairman and director, and is the company's largest shareholder. He had previously planned to step down as chairman after the company's annual meeting on June 21, and remain as director for another year. An internal probe found Mr. Schulze didn't alert other directors that Mr. Dunn was allegedly having an inappropriate relationship with the female employee. The investigation found no evidence that Mr. Dunn misused company assets. Mr. Dunn, 51, resigned in April after the board began probing his conduct. He couldn't be immediately located for comment. Allegations about Mr. Dunn first came to the attention of Mr. Schulze last December, when an unnamed Best Buy executive provided the chairman with a written statement from another employee, according to the board's report. But Mr. Schulze didn't pass along the information to the board's panel overseeing ethical transgressions. Instead, he confronted the CEO, who denied the allegations. Write to Kristin Jones at kristin.jones@dowjones.com

Stock News for Best Buy (BBY)
DateTimeHeadline
08/26/201508:00:00Best Buy Announces Regular Quarterly Cash Dividend
08/25/201509:45:00U.S. Hot Stocks: Hot Stocks to Watch
08/25/201508:00:00Best Buy Profit Rises More Than Expected
08/25/201507:01:59Current Report Filing (8-k)
08/25/201507:00:00Best Buy Reports Second Quarter Results
08/19/201517:01:21Statement of Changes in Beneficial Ownership (4)
08/19/201517:01:21Statement of Changes in Beneficial Ownership (4)
08/19/201517:00:57Statement of Changes in Beneficial Ownership (4)
08/19/201517:00:05Statement of Changes in Beneficial Ownership (4)
08/19/201517:00:05Statement of Changes in Beneficial Ownership (4)
08/19/201517:00:05Statement of Changes in Beneficial Ownership (4)
08/19/201516:59:35Statement of Changes in Beneficial Ownership (4)
07/29/201510:36:00Best Buy Launches Specialized Windows 10 Training Classes, Features...
07/10/201510:03:03Can Brick-and-Mortar, Mall-Based Retailers Survive?
07/06/201509:58:00Not Your Parents' Wedding: Survey Uncovers Major Shifts in Nuptials...
06/26/201516:06:33Annual Report of Employee Stock Plans (11-k)
06/23/201517:44:40Statement of Changes in Beneficial Ownership (4)
06/23/201517:44:40Statement of Changes in Beneficial Ownership (4)
06/23/201517:44:40Statement of Changes in Beneficial Ownership (4)
06/23/201517:44:40Statement of Changes in Beneficial Ownership (4)

Best Buy and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad