Best Buy Founder Resigns, Explores Options for Stake

Best Buy Co. founder and largest individual shareholder Richard Schulze resigned as chairman and a director and said he intends to explore options for his 20.1 percent stake, a move that could make the electronics retailer a takeover candidate.

“I continue to believe in Best Buy and its future — and care deeply about its customers, employees and shareholders,” Mr. Schulze said in a statement on Thursday. “There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers.”

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