OPERATIONS

Best Buy chairman to step down in wake of CEO investigation

BY Marianne Wilson

Minneapolis — Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board’s audit committee.

Schulze will serve out the remainder of his term as director. Best Buy said its board has elected director Hatim Tyabji to succeed Schulze as chairman, effective at the conclusion of the annual meeting on June 21.

The electronics retailer said the investigation had found that Dunn violated company policy by “engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment.” But it found no misuse of company resources, Best Buy said.

When Schulze steps down as chairman, he will become chairman emeritus, an honorary position.

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FINANCE

GameStop Q1 sales decline

BY Staff Writer

Grapevine, Texas — Ahead of releasing its first quarter results, GameStop said earnings for the quarter were 54 cents per share and that same-store sales fell 12.5%. According to the company, this drop in same-store sales is due to light demand for “AAA” game launches and slower-than-expected store traffic during the quarter.

The company has reaffirmed its full year earnings per share guidance of $3.10 to $3.30.

GameStop will provide second quarter and full year sales guidance in conjunction with its first quarter earnings release and conference call on May 17.

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OPERATIONS

Whole Foods app rewards green behavior

BY Staff Writer

Austin, Texas — Whole Foods is rewarding customers that live a green lifestyle through a new app it created with Whole Planet Foundation and BlueAvocado.

The "Make Change. Not Waste." mobile iPhone application allows users to earn badges and coupons for a number of green behaviors including recycling, using a reusable bag and biking to work. After completing 10 green actions, customers can unlock one coupon from leading green brands including: Nature’s Path, Alexia Foods, Dr. Bronner’s Magic Soaps, Stonyfield, Frontier Co-op and Organic Valley. Shoppers can also donate a percentage of the coupon value back to Whole Planet Foundation. The app is available to download from the Apple Store.

"We’re excited to help shoppers find easy ways to protect the planet, track their green choices and fund poverty alleviation projects around the world," said Philip Sansone, president and executive director of Whole Planet Foundation. "Through this app, shoppers can invest in making a real difference for the planet and their global neighbors."

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