Best Buy Founder Richard Schulze Steps Down Earlier Than Planned

Best Buy is losing another one of its head honchos, as founder Richard Schulze announced today he’s resigning his chairman and director spots effective immediately. He had said earlier he would step down as chairman after the 2012 annual meeting on June 21 and remain a director through the 2013 meeting.

He’s also got a nice little 20.1% stake in the company, and says he’s exploring all options for what to do with that, reports Reuters.

“I continue to believe in Best Buy and its future – and care deeply about its customers, employees and shareholders,” he 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.”

In the midst of struggles to keep up with giant e-tailers like Amazon, Best Buy has faced other challenges, after CEO Brian Dunn resigned after an investigation into his alleged involvement with a female employee. Schulze failed to tell the board that he knew about the improper relationship and announced in May that he’d be stepping down.

Best Buy founder resigns, mulls options for stake [Reuters]

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  1. Blueskylaw says:

    “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.”

    Don’t you just love corporate speak?

    TRANSLATED: We ain’t selling enough sh*t and we need to start selling more sh*t.

    • Gman says:

      See I saw it as the opposite. I saw it as him saying “we have done too many things to screw up our relationship with customers. We need to be less scummy and better at creating long term customers”

      • Blueskylaw says:

        Reinvigorating growth means selling more sh*t, not being less scummy.

        • Velvet Jones says:

          Selling more sh*t, as in hocking even more extended warranties that they will refuse to honor, and more overpriced HDMI cables. Hey, were is the local geek squad pumper to tell us how great BB really is.

          • Latentius says:

            Dunno what your problem is. I’ve had no issue fulfilling almost every warranty brought in front of me.

            Today was one of the rare exceptions, where someone called up saying they had vomited on their laptop (and the terms clearly state bodily fluids are exempt, as that presents a bio hazard).

            Thanks for the trolling, though!

    • Loias supports harsher punishments against corporations says:

      I read it as that he knows BBY actions are killing themselves, tried to make changes in the company, was shot down after numerous attemps and several heated arguments, then said “Fuck it” and left.

    • larrymac thinks testing should have occurred says:

      We have to examine new paradigms in order to synergize our CRM pathways and capitalize on our core strengths, creating a value proposition for our

      yeah, I can’t continue, that’s giving me a headache

  2. mikedt says:

    Boy the BB death spiral is happening fast.

  3. Joesph Mama says:

    The head rat has left the ship.

  4. Loias supports harsher punishments against corporations says:

    20 fucking percent stake in the company? Jesus!

    • jeffbone says:

      “says he’s exploring all options for what to do with that”

      I think if I were him, I’d start dumping what I could without attracting the SEC’s attention, as quickly as possible…maybe combined with some put options…

    • Latentius says:

      Well, he WAS the founder, after all. What kind of share would you expect?

  5. u1itn0w2day says:

    Two weeks early…

    He knows there is smoke so I guess he is trying to stay ahead of the fire.

  6. Blueskylaw says:

    Reinvigorating growth means selling more sh*t, not being less scummy.

    • Blueskylaw says:

      Sorry, this was meant to be a reply to Gman.

    • Coleoptera Girl says:

      But what about reconnecting with customers and building pathways? That sounds like what Loias said. Then again, it might just be filler.

  7. Fubish says: I don't know anything about it, but it seems to me... says:

    “I continue to believe in Best Buy and its future…”

    Omitted:

    “…and I’m getting out while the getting’s good!”

    • BurtReynolds says:

      Yes. “Best Buy is and will remain a top class retailer. Now excuse me while I try and dump my holdings without breaking the law”.

  8. BorkBorkBork says:

    Abandon ship!

  9. Sarek says:

    But does his departure mean that customer service will now improve or take an even bigger nosedive?

  10. CrazyEyed says:

    He better cash in now before the stock becomes worthless.

  11. dush says:

    It must be demoralizing working for a company that you know is crumbling.

  12. Kuri says:

    Eh, he’ll be fine. He’ll be on the board of another company before the week is out.

  13. H3ion says:

    I doubt this is the best buy.
    http://www.msnbc.msn.com/id/47721602

  14. Princess Beech loves a warm cup of treason every morning says:

    Well, I do hope that scaling stores down will help the “reinvigoration”. They just expanded too much and too quick they ended up like a dying star and generating a black hole.

    They should just focus on improving customer support first, because it seems they are out of touch with reality. I guess having the electronics B&M monopoly kind of made them too lazy. They need competition.

  15. Shadowfire says:

    He’s stepping down early, and employees are to learn in a couple weeks how many jobs are about to be lost and positions be eliminated. What a fucking coward.

  16. Press1forDialTone says:

    Hopefully he stepped down into a 500 gallon vat of his own poo.

  17. flip says:

    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.”

    translation: I’m not sinking with this ship

  18. skakh says:

    The biggest reason I don’t shop Best Buy is because usually when I want something, Best Buy does not have it in stock. Another reason is the silly discounts they send me, discounts off regular prices, such an insult. Of lesser importance, but still a reason, is the hard sell on extended warranties, no Best Buy Blue Shirt I really don’t need an extended warranty on the $8 headphones I just bought.