Best Buy founder leaving chairman role after CEO probe

(Reuters) - Best Buy Co Inc said founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former Chief Executive Officer Brian Dunn to the board's audit committee.

(Reuters) - Best Buy Co Inc said that former Chief Executive Officer Brian Dunn violated company policy by engaging in an extremely close personal relationship with a female employee and that the chairman of the board acted inappropriately when he failed to bring the matter to the audit committee when he first learned about it. Best Buy also said on Monday that Hatim Tyabji, currently the chairman of its audit committee, would succeed Richard Schulze as chairman of the board, effective June 21. (Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)

Best Buy Chairman Richard Schulze steps down after an investigation finds that he knew about former CEO Brian Dunn's inappropriate relationship with an employee and failed to report it.Best Buy Co.

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.

By Kraken:Best Buy's (BBY) founder Richard Schulze resigned from his chairman role after allegations of CEO Brian Dunn's relationship with an employee were uncovered. Schulze knew about the relationship, but failed to mention it to his board. It was decided that it would be best for him to retire from the company.

Richard Schulze stepping down after an independent board investigation finds he had failed to report allegations of personal misconduct by former CEO Brian Dunn