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]