Best Buy Co Inc founder Richard Schulze is stepping down as chairman after he failed to tell the board that a former chief executive had an improper relationship with a female employee, the electronics retailer said on Monday.
Best Buy said the board’s investigation had found that former CEO Brian Dunn’s relationship “negatively impacted the work environment,” but involved no misuse of company resources.
“I understand and accept the findings of the Audit Committee,” Schulze said in a statement.
Hatim Tyabji, 67, chairman and CEO of wireless network technology company Bytemobile and head of Best Buy’s audit committee will succeed Schulze. The change takes effect at the end of the company’s annual meeting on June 21, when Schulze, 71, will become chairman emeritus, an honorary position, and serve out his term as director through June 2013.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Schulze’s demotion signals a much-needed separation from the past for Best Buy, which has been criticized for becoming a showroom for televisions and other gadgets that people then buy at Amazon.com or other competitors. Schulze started the company with a partner in 1966.
via CEO probe forces Best Buy founder out as chairman | Reuters.