Richard M. Schulze
| Richard M. Schulze | |
|---|---|
| Nationality | American |
| Occupation | Businessman |
| Net worth | $1.5 billion.[1] |
Dick Schulze is the founder and immediate past chairman of Best Buy. He lives in Bonita Springs, Florida.
Biography [edit]
He was born and raised in Saint Paul, Minnesota where he dropped out from Central High School. He subsequently spent time in the U.S. Air Force with the Minnesota Air National Guard. He has an honorary degree from the University of St. Thomas in Saint Paul. On November 9, 1991, Minnesota Governor Arne Carlson designated the day as Richard M. Schulze Day..
In 2000, Schulze donated $50 million to the University of St. Thomas, at the time the largest donation to a Minnesota college or university. The money went to help open the UST School of Law, featuring the prominent Schulze Grand Atrium, as well as The Schulze School of Entrepreneurship, part of the St. Thomas College of Business and located in Schulze Hall [1]; both schools are in downtown Minneapolis. Schulze sits on the Board of Governors of the UST School of Law.[2]
In 2011, he was ranked 157th richest person in America by Forbes, with an estimated worth of $2.5 billion.[1]
In May 2012, Richard Schulze announced that he is stepping down as Best Buy chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.[2]
It was announced on August 6, 2012 that Richard Schulze made a bid to buy out the Best Buy company. According to the report he already owns 20% of the company. This news caused the share price of Best Buy to go up slightly.[3]
By late February, talks between Best Buy Co. and Schulze ended. He and private equity investors sought three board seats in exchange for acquiring a minority stake in the company. However, he wasn't able to line up the funding [4]
On March 25, 2013 Best Buy Co. Inc. announced that Richard Schulze will rejoin the company that he founded with a new title: chairman emeritus. The Richfield-based retailer also announced that two former executives, Brad Anderson and Al Lenzmeier, will serve as Schulze’s representatives on the board of directors. They are key Schulze allies who had advised him on his attempt to buy the company. [5]
References [edit]
- ^ a b "Richard Schulze". Forbes. Retrieved 2011-04-10.
- ^ "Best Buy Chairman steps down after CEO probe". News-Press.com. Retrieved 2012-05-10.
- ^ http://money.cnn.com/2012/08/06/news/companies/best-buy-schulze/
- ^ http://www.bloomberg.com/news/2013-03-01/best-buy-talks-with-founder-richard-schulze-said-to-have-ended.html
- ^ http://www.bringmethenews.com/2013/03/25/best-buy-founder-rejoins-retailer-with-new-role-title-chairman-emeritus/
External links [edit]
| Business positions | ||
|---|---|---|
| Preceded by Company under Best Buy name founded 1983 (formerly Sound of Music founded in 1966) |
Best Buy CEO 1983–2002 |
Succeeded by Brad Anderson |
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