Richard Schulze to Return to Best Buy as Chairman Emeritus

Best Buy announced today the return of its Founder Richard Schulze to company operations as Chairman Emeritus. Joining the Board of Directors along with Schulze is Brad Anderson and Al Lenzmeier, through nomination by Schulze.

“Over the past several months, I have come to know and respect Hubert [Joly, President and CEO of Best Buy], and have a high regard for the work he and his executive team are doing to revitalize Best Buy for the benefit of all stakeholders,” said Schulze. “My dedication to the company that I founded and love is unwavering and, together with Hubert and the Board, I determined that the best way to support Best Buy would be to return in support of the initiatives underway.”

Schulze is returning to Best Buy to accelerate Best Buy Renew Blue efforts.  Renew Blue is Joly’s five point plan to cut costs across the company and improve the Best Buy customer experience in an effort to increase revenue. As part of these efforts, Best Buy plans to attract “transformational leaders” and energize employees, work alongside vendors to innovate and “drive value,” and make the world a better place through recycling efforts as well as provide teenagers with access to technology.

“The Board has full confidence in Hubert and the management team, and is entirely supportive of the company’s Renew Blue transformation efforts,” said Hatim Tyabji, chairman of the Best Buy Board of Directors. “My fellow Board members and I are pleased to welcome Dick back to the company as Chairman Emeritus and are confident that the role he will play in support of the management team can only accelerate the progress that Best Buy has already made.”

Joly, who joined Best Buy as CEO in August 2012, expressed his excitement at having Schulze back at Best Buy and how his influence will lead to company success. “I am delighted our Founder, Dick Schulze, is returning to the company as its Chairman Emeritus. His passion, wisdom and insight are legendary, and I know I speak for all my colleagues when I say it was wonderful to see him come to our headquarters recently and engage with employees as he and I walked the halls,” said Joly. “I look forward to his engagement as we move forward. I am also delighted to have Brad and Al join our Board and to have the company benefit from their experience and wisdom.”