Best Buy Founder Resigns from the Board; May Sell Stake in the Company (BBY)

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Best Buy Co. Inc. (NYSE:BBY) founder Richard Schulze, today, resigned for the company’s Board. Schulze also said that he may sell his entire stake in the electronics retailer. Schulze has a 20.1% stake in BBY.

The resignation of Schulze is the latest blow to the Minneapolis-based company. BBY has already been hit by a CEO scandal. The company is also struggling due to rising competition from online retailers.

Schulze has been with Best Buy since 1966, when the company was started. He is also the company’s largest shareholder. In a statement, Schulze said that 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. Schulze resigned as Chairman and director with immediate effect.

Schulze had already announced back in May that he would step down as Chairman after the company’s annual meeting on June 21, and continue to serve as director through the 2013. Schulze took the decision to step down after an investigation found that he was aware of the then CEO Brian Dunn’s inappropriate relationship with a female staffer. But, Schulze today said that he would resign from both positions with immediate effect.

BBY shares are down 1.26% in trading currently.

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