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Minneapolis -- Shortly after abandoning buyout possibilities of his former company, Best Buy co-founder and former chairman Richard Schulze announced Monday that he is returning to the retailer as chairman emeritus.
Schulze, who is Best Buy’s largest shareholder, is nominating two former Best Buy executives to join him on the board: former CEO Brad Anderson and former COO Al Lenzmeier.
"My dedication to the company that I founded and love is unwavering and, together with [current CEO Hubert Joly] and the board, I determined that the best way to support Best Buy would be to return in support of the initiatives underway,” said Shulze. "At the same time, it is a great privilege to nominate to the board two long-time colleagues, Brad Anderson and Al Lenzmeier, who helped build Best Buy into what it is today and will continue adding great value in their new role."
Schulze resigned as chairman last May and left the board in June after Best Buy’s internal investigation uncovered that he was aware of then-CEO Brian Dunn’s relationship with a female staffer.