Business

Best Buy cofounder back in the fold

Richard Schulze will be chairman emeritus; he will nominate two former company executives to the board.

Canadian Press via Associated Press/File 2001

Richard Schulze will be chairman emeritus; he will nominate two former company executives to the board.

MINNEAPOLIS — Best Buy’s cofounder and former chairman, Richard Schulze, is returning to the fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.

Best Buy has been working to turn itself around amid tough competition from online retailers and discounters. Since hiring Hubert Joly as chief executive in August, the company has cut jobs, invested in training, and started matching online prices.

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Schulze is nominating two former Best Buy executives to the board: former chief executive Brad Anderson and former chief operating officer Al Lenzmeier.

Schulze founded Best Buy in 1966 and is its largest shareholder, with a 20 percent stake. He resigned as chairman in May and left the board in June after a company investigation found he knew about an inappropriate relationship then-CEO Brian Dunn had with a female staffer.

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Schulze says he supports Joly’s plans to turn around the company. Financial results show that his changes seem to be beginning to help. Earlier this month, the company reported that US revenue in stores open at least 14 months rose 0.9 percent during the fourth quarter, the best performance in 11 quarters.

Associated Press

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