Best Buy Chairman Resigns Early

Founder and largest shareholder Richard Schulze had planned to remain on the board until 2013
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Richard Schulze, founder and the largest shareholder of struggling electronics retailer Best Buy has resigned as chairman and director of the company and is exploring options to sell his 20.1% stake in the company.

By 11:57 a.m. ET, shares in the company were down 4.01%, but had fallen as much as 8.3% in early trading.

In the wake of a company probe into the conduct of former CEO Brian Dunn and criticism that he has mishandled the scandal, Schulze had earlier announced that he would step down as chairman of the company after its 2012 annual meeting in June 21 but would remain on the board until the 2013 meeting.

In response to the earlier than expected resignation, the company immediately appointed Hatim Tyabji chairman.

"I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders," Schulze 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. Accordingly, I have shared my views with the Board and [Thursday] informed them of my decision to resign as Chairman and a director, effective immediately, in order to explore all available options for my ownership stake."

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