Richard Schulze, who explored and then abandoned a possible buyout bid for Best Buy, is returning to the electronics chain he founded.
Best Buy said on Monday that Mr. Schulze would become chairman emeritus. And two former Best Buy executives whom Mr. Schulze had tapped to be involved in a potential buyout, Brad Anderson and Al Lenzmeier, have been nominated to board seats under an agreement between the company and its founder
Mr. Schulze had resigned from the board last June and began to work with bankers from Credit Suisse to weigh a bid to take the struggling chain private. But that effort petered out this year and no buyout bid materialized. In February, Mr. Schulze and his three private equity partners â€" Cerberus Capital Management, Leonard Green & Partners and TPG Capital â€" were instead in talks to add to Mr. Schulze’s 21 percent stake in the company.
Now, Mr. Schulze has chosen to support the company’s chief executive, Hubert Joly, in his effort to turn the retailer around.
“Over the past several months, I have come to know and respect Hubert, and have a high regard for the work he and his executive team are doing to revitalize Best Buy for the benefit of all stakeholders,†Mr. Schulze said in a statement. “My dedication to the company that I founded and love is unwavering and, together with Hubert and the board, I determined that the best way to support Best Buy would be to return in support of the initiatives under way.â€
