Jun 8, 2012 at 7:25 am
RICHFIELD, MN (KNSI) - More concern for the future of Best Buy as the founder and outgoing chairman of the company is resigning from the board and may sell off his 20 percent stake in the beleaguered electronic retailer.
It's the latest news to hit the Richfield-based company facing increasing competition from online retailers and a CEO scandal.
71-year-old Richard Schulze has been with the company since its inception in 1966 and he's still their single largest shareholder.
He initially announced in May that he would step down on June 21 at the company's annual meeting -- the announcement followed an investigation that found he knew that then-CEO Brian Dunn was having an inappropriate relationship with a female staffer. Schulze's resignation is now effective immediately.
Temp: 62°F (17°C)
Wind: Calm N