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

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
04/17/201517:00:03Is Costco Wholesale Corporation a Buy?
04/15/201502:03:01MARKET SNAPSHOT: U.S. Stocks: Futures Slip After Retail Sales
04/14/201519:05:022 Best Stocks to Invest in Big-Box Stores
04/14/201516:04:25MARKET SNAPSHOT: U.S. Stocks: Futures Slip With Key Bank Earnings...
04/14/201509:57:29MARKET SNAPSHOT: U.S. Stocks: Futures Firm Up Ahead Of Key Bank...
04/13/201517:20:07Best Buy CEO Joly to Assume Role of Chairman
04/13/201516:26:43Current Report Filing (8-k)
04/13/201516:05:00Best Buy Announces Retirement of Board Chairman, Hatim Tyabji...
04/10/201516:33:56Statement of Changes in Beneficial Ownership (4)
04/08/201517:48:17Statement of Changes in Beneficial Ownership (4)
04/08/201508:02:00BACtrack® Announces App for Apple Watch; Provides First-Ever...
04/02/201515:00:03Not Even Wal-Mart Can Win in Canada
04/02/201513:00:07Apple Pay's Problems Are Bigger Than You Think
03/31/201516:19:45Annual Report (10-k)
03/30/201507:37:27Current Report Filing (8-k)
03/30/201506:29:19Wall Street Breakfast: Greece Battles To Release Funds
03/30/201504:38:13Best Buy Is Set To Deliver Solid Performance
03/29/201504:18:37Best Buy warns on profit
03/28/201510:07:00Best Buy Canada announces the consolidation of Future Shop...
03/22/201504:52:28Focus On Rewarding Investors Earns Best Buy A Bullish Thesis

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