Best Buy chairman resigns to explore options for ownership stake

MINNEAPOLIS — Best Buy founder Richard Schulze has decided to step down as chairman of the board in order to pursue other options for his ownership stake.

Schulze served as Best Buy's CEO, chairman and a director until 2002. He retained is chairman and director role since 2002 and controls about 20.1% of the company. He had previously planned to step down as chairman after the 2012 annual meeting on June 21, 2012 and to remain as a director through the 2013 annual meeting.

“I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders. 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. Accordingly, I have shared my views with the board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake,” said Schulze.