Richard Schulze steps down as chairman of Best Buy board of directors.
Monday, May 14, 2012
As a period of turmoil at the Minnesota-based retail giant Best Buy continues, company founder (and Opus College of Business patron) Richard Schulze has stepped down as chairman of the board.
A Star Tribune article presents a career retrospective for Schulze, as well as putting forth the opinion that Schulze's departure from the board stems from his propensity to "take matters into his own hands" while dealing with the scandal emerging from misconduct on the part of former CEO Brian Dunn. The article cites Paul Hodgson, a senior research associate at GMI Ratings, as believing that while Schulze should have simply passed information about Dunn's misconduct on to the board rather than taking action unilaterally, such a course would be difficult for a man who had founded and run the company for a great many years. "Once a CEO, always a CEO," said Hodgson.
When asked for comment by the Star Tribune, OCB dean Christopher Puto declared that Schulze "ranks among the highest in terms of personal integrity and values. It's unfortunate that this happened ... but it will not diminish his legacy."
Originally published: 05/14/2012, Star Tribune