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June 7, 2012

Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

May 11, 2012

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.

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.