Best Buy rebounds after chairman steps aside

Shake it up.

Best Buy founder Richard Schulze said on Thursday he was resigning as chairman and a director, effective immediately, and was exploring all options for his 20.1% stake in the company. Schulze, 71, has been with the company since its inception in 1966 and is its largest shareholder.

An internal probe last month found Schulze didn’t pass along information about ex-CEO Brian Dunn’s allegedly inappropriate relationship with a female worker. Schulze had originally planned to step down as chairman after the 2012 annual meeting on June 21 and to remain a director through 2013. However, he dropped his chairman duties earlier-than-expected on Thursday and surprised investors by dismissing himself from the board.

Schulze, said, "I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders. 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."

In a separate release, Best Buy announced Hatim Tyabji will take the helm as chairman. Tyabji, currently chairman of the audit committee, has served as a director since 1998.

Best Buy (BBY : NYSE : US$19.70), Net Change: -0.19, % Change: -0.96%, Volume: 32,766,291

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