Richfield, Minn. -- Best Buy Inc.’s founder and largest shareholder, Richard Schulze, plans to sell off an unspecified portion of his 20% stock holdings in the chain, according to a filing with the Securities and Exchange Commission.
The move is part of Schulze's “personal long-term strategy for asset diversification and liquidity,” according to the filing, which did not disclose the total number of shares expected to be effected by the sale.
Schulze is selling part of his 70.1 million Best Buy shares under an agreement that permits him to sell shares are prevailing market price between October of this year and March of next year. He will not be allowed to determine the timing of the sale. The SEC filing indicates that Schulze is selling the shares as part of a personal long-term strategy for asset diversification and liquidity. He previously stated he would explore all options regarding his holdings in the company and also tried to take Best Buy private at $26 a share.
Schulze resigned as chairman of Best Buy in June of this year following a scandal involving an inappropriate relationship former CEO Brian Dunn had with an employee.