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]
More From Consumerist
-
Best Buy Founder Writes Lovelorn Letter To Board In Buyout Quest: "I Am Not Going Away"
-
Best Buy Finally Agrees To Let Founder Schulze Poke Around All Up In Its Business
-
Best Buy Founder Won’t Be Buying Company Back
-
Best Buy Founder Might Be Retreating From Plan To Buy Company Back
-
Best Buy Names New CEO, Even As Founder Angles To Buy Company Back
“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.
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”
Reinvigorating growth means selling more sh*t, not being less scummy.
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.
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!
ewwww…
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.
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
Boy the BB death spiral is happening fast.
The head rat has left the ship.
20 fucking percent stake in the company? Jesus!
“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…
Well, he WAS the founder, after all. What kind of share would you expect?
Two weeks early…
He knows there is smoke so I guess he is trying to stay ahead of the fire.
Reinvigorating growth means selling more sh*t, not being less scummy.
Sorry, this was meant to be a reply to Gman.
But what about reconnecting with customers and building pathways? That sounds like what Loias said. Then again, it might just be filler.
“I continue to believe in Best Buy and its future…”
Omitted:
“…and I’m getting out while the getting’s good!”
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”.
Abandon ship!
But does his departure mean that customer service will now improve or take an even bigger nosedive?
He better cash in now before the stock becomes worthless.
It must be demoralizing working for a company that you know is crumbling.
Eh, he’ll be fine. He’ll be on the board of another company before the week is out.
I doubt this is the best buy.
http://www.msnbc.msn.com/id/47721602
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.
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.
Hopefully he stepped down into a 500 gallon vat of his own poo.
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
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.