Consumer electronics retailer Best Buy Co. Inc. (NYSE: BBY) this morning announced that founder and former chairman Richard Schulze will return to the company as Chairman Emeritus. Schulze also has managed to name two directors to the company’s board.
Schulze failed to put together an offer that would have given him and his partners three seats on the company’s board of directors. The two directors named today will stand for election at the company’s June general meeting. The additions bring Best Buy’s director count to 10.
As for Schulze, he had this to say:
My dedication to the company that I founded and love is unwavering and, together with Hubert [Joly, Best Buy’s CEO] and the Board, I determined that the best way to support Best Buy would be to return in support of the initiatives underway.
Joly added:
I am delighted our Founder, Dick Schulze, is returning to the company as its Chairman Emeritus. His passion, wisdom and insight are legendary, and I know I speak for all my colleagues when I say it was wonderful to see him come to our headquarters recently and engage with employees as he and I walked the halls.
Has Best Buy bought Schulze off with a courtesy appointment? Has Schulze managed to get his nose inside the tent? What’s next? This isn’t the end of the story, merely a new chapter in a saga that everyone appears to be inventing as it moves along to a conclusion.
Best Buy’s shares are up 1.2% in early trading this morning, at $23.07 in a 52-week range of $11.20 to $27.95.
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