Best Buy founder Schulze named chairman emeritus

  @CNNMoney March 25, 2013: 11:25 AM ET
richard schulze best buy

Best Buy founder Richard Schulze was named chairman emeritus on Monday.


Best Buy founder Richard Schulze is returning to the company as chairman emeritus.

The move is viewed as an endorsement of the company's turnaround plan, which he challenged late last year.

Schulze, the company's largest individual shareholder with a 21% stake in the company, tried to buy the company and take it private. However, a deadline for that deal expired on March 1 without Schulze submitting a final offer.

Best Buy named Hubert Joly as CEO last year after Schulze made his bid.

On Monday, Schulze said he had come back to "support the initiatives" put in place by the new CEO, who previously ran a travel company.

Joly's turnaround plan for Best Buy, which includes closing a number of stores and offering a low price guarantee to compete with online retailers such as Amazon (AMZN, Fortune 500), has been credited with helping lift results recently.

Shares were up nearly 1% Monday. So far this year, Best Buy (BBY, Fortune 500)'s stock has nearly doubled in price and is the second-best performing stock in the S&P 500, trailing only Netflix (NFLX).

Related: Five ways to save Best Buy from extinction

Schulze also named two new directors to the board -- former CEO Brad Anderson and former chief operating officer Allen Lenzmeier, both of whom he had supported bringing back during his bid. Both appointments will be effective immediately.

Best Buy sales flat. That's good news?

Schulze, who is not returning to run the board, stepped down as chairman in June 2012 after a scandal led to the resignation of CEO Brian Dunn.

Dunn stepped down after an inappropriate relationship with a female coworker, which violated company policy. Schulze also left, after the board of directors said he "acted inappropriately" by not telling the audit committee about Dunn's relationship, when he found out about it.

The current chairman of the board is Hatim Tyabji. To top of page

Join the Conversation
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.