Best Buy chairman to step down in wake of CEO investigation

Minneapolis -- Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board's audit committee.

Schulze will serve out the remainder of his term as director. Best Buy said its board has elected director Hatim Tyabji to succeed Schulze as chairman, effective at the conclusion of the annual meeting on June 21.

The electronics retailer said the investigation had found that Dunn violated company policy by “engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment.” But it found no misuse of company resources, Best Buy said.

When Schulze steps down as chairman, he will become chairman emeritus, an honorary position.