Money Matters - Simplified

Best Buy creator quits from his office

The founding father of Best Buy resigns...

Best Buy Co Inc,(NYSE BBY), an American specialty retailer of consumer electronic products in the United States founder Richard Schulze stated on Thursday that , he was resigning as Chairman and a Director and was exploring all options for his 20.1 percent stake in the electronics retailer.

This electronic retail sector operates in Puerto Rico, Mexico, Canada and many other countries in Asian market along with the company’s subsidies, include Geek Squad, Magnolia Audio Video, Pacific Sales, and many more in the world market.

The shares of Best Buy, shocked earlier this year by the abrupt departure of its Chief Executive Officer, declined more than $1 to $18.75 in pre-market trading.

"I continue to believe in Best Buy and its future….and care deeply about its customers, employees and shareholders," Richard Schulze, commented with a confidence. "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", he further added.

On Wednesday, the Best Buy‘s market capitalization was $6.56 billions. Schulze previously had an arrangement in his mind to step down as Chairman after the 2012.The annual meeting will be on June 21 and enlighten as a Director through the 2013 annual meeting.

Earlier, Best Buy said in May that Schulze would step down as Chairman. He failed to tell the Board that erstwhile CEO Brian Dunn had an illicit 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.

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