Reuters: Mergers News: UPDATE 1-Best Buy founder resigns, mulls options for stake

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UPDATE 1-Best Buy founder resigns, mulls options for stake Jun 7th 2012, 13:33 Thu Jun 7, 2012 9:33am EDT June 7 (Reuters) - Best Buy Co Inc founder Richard Schulze said on Thursday he was resigning as chairman and a director, effective immediately, and was exploring all options for his 20.1 percent stake in the electronics retailer. Shares of Best Buy, rocked earlier this year by the abrupt departure of its chief executive officer, fell more than $1 to $18.75 in premarket trading. "I continue to believe in Best Buy and its future - and care deeply about its customers, employees and shareholders," Schulze, 71, said in a statement. "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." As of Wednesday, Best Buy's market capitalization was $6.56 billion. Schulze previously planned to step down as chairman after the 2012 annual meeting on June 21 and to remain a director through the 2013 annual meeting. Best Buy said in May that Schulze would step down as chairman. He failed to tell the board that former CEO Brian Dunn had an improper relationship with a female employee. Schulze served as Best Buy's CEO, chairman and a director for 36 years, until 2002. Since then, he had been chairman and a director. Link this Share this Digg this Email Reprints

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