Best Buy and its founder Dick Schulze announced today that he is returning to the company as its chairman emeritus, almost a year after he exited the retailer as its chairman.
In addition, Schulze has nominated former CEO Brad Anderson and former president Al Lenzmeier to serve on the Best Buy board, pursuant to a previously disclosed agreement between the chain and Schulze.
Last spring Schulze left the board in the aftermath of an investigation of then-CEO Brian Dunn using company funds while having an inappropriate relationship with a female employee. The report showed that Schulze failed to report that to the board.
Schulze left the board later in the year and then attempted a deal to take Best Buy under private control, which failed on Feb. 28.
In a prepared statement today, Schulze said, “Over the past several months, I have come to know and respect Hubert [Joly, CEO of Best Buy] 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.”
He added, “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 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 longtime 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.
