OPERATIONS

Best Buy founder and chairman vacates board earlier than planned

BY Katherine Boccaccio

Minneapolis — Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

He said he will explore options for his 20.1% stake in the electronics retailer. "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," Schulze said in a statement. "Accordingly, I have shared my views with the board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake.”

Schulze, 71, previously planned to step down after the company’s 2012 annual meeting on June 21 and to remain a director through the 2013 annual meeting.

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OPERATIONS

Tommy Bahama announces senior management appointees

BY Staff Writer

Seattle — Tommy Bahama Group said Wednesday that Joel Gardner has been promoted to senior VP retail, and Bornie Del Priore has been named VP of Tommy Bahama Footwear, a new division for the company.

Gardner has been with Tommy Bahama since 2006, most recently as VP retail planning and merchandising. Before joining Tommy Bahama, he was VP retail at The Orvis Co.

Del Priore has spent the last four years at Tommy Hilfiger USA, most recently as executive VP accessories. She also spent 15 years at Ralph Lauren Footwear.

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OPERATIONS

Supervalu to cut up to 2,500 jobs in Albertsons stores

BY Marianne Wilson

New York — Supervalu plans to cut as many as 2,500 positions at its Albertsons unit. The reductions, which will occur across all 247 Albertsons stores in California and Nevada, will begin the week of June 17 and should be completed around July 1, according to a statement.

“A decision of this nature is never easy, but it is the necessary step for us to take to help improve our business and accelerate our turnaround," Dan Sanders, president of the Albertsons Southern California Division, said in a statement.

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