Best Buy-former CEO had relationship with employee

Best Buy Co.

By Saibus Research:We were surprised that Richard Schulze was willing to pay $24-$26 per share for the 80% of Best Buy (BBY) that he doesn't own, especially after he was pressured into stepping down as Chairman of the Board in May. We are also confused that Dick Schulze knew about Brian Dunn's relationship with a female employee and did not alert the audit committee.

MINNEAPOLIS — Best Buy’s co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer. Best Buy has been working to turn around its results as it faces tough competition from online retailers and discounters. Since hiring turnaround expert Hubert Joly as its CEO in August, the company has cut jobs, invested in training employees and started matching online prices.

MINNEAPOLIS — Best Buy’s co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer. Best Buy has been working to turn around its results as it faces tough competition from online retailers and discounters. Since hiring turnaround expert Hubert Joly as its CEO in August, the company has cut jobs, invested in training employees and started matching online prices.

ByChris Antrim :Best Buy (BBY) chairman Richard Schulze was forced to step down from the company he founded last May. At the time, CEO Brian Dunn was found to be having an inappropriate relationship with a female employee. An audit committee found Richard was aware of the situation, and failed to report it to the board.

NEW YORK (Reuters) - Best Buy Co Inc's former Chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, a person familiar with the situation said. Media reports said Schulze was close to presenting an offer for the consumer electronics chain. Discussions around a leveraged buyout of the company are still in the early stages, the person said. A representative for Schulze and Best Buy declined to comment. (Reporting By Nadia Damouni; Editing by Gerald E. McCormick)

Best Buy on Monday said an investigatioj revealed that former Chief Executive Officer Brian Dunn engaged in an inappropriate relationship with a female co-worker.