NEW YORK – Best Buy’s founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
Best Buy hired an outside law firm in March to investigate then CEO Brian Dunn, who resigned in April. The committee found that Dunn had a `close personal relationship’ with a female employee that showed poor judgment. But they found he did not misuse company resources or company aircraft related to the relationship.
Still, the inquiry showed that Schulze, who has been with the company since its inception in 1966, acted inappropriately when he found out about the relationship. He is resigning and will be replaced by Hatim Tyabji, chairman of its audit committee.