Best Buy Chairman Steps Down, to Explore Option for 20.1% Stake

Best Buy Co. said founder and Chairman Richard Schulze resigned from the board and will explore options for his 20.1 percent ownership stake in the electronics retailer.

Schulze, 71, had previously planned to step down as chairman after the 2012 annual meeting on June 21, and to remain as a director through the 2013 meeting, Minneapolis-based Best Buy said today in a statement.

To contact the editor responsible for this story: James Callan at jcallan2@bloomberg.net

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