Best Buy founder Richard Schulze will return to the company as chairman emeritus, the company said Monday, after he failed in a six-month attempt to take over the electronics retailer he started more than four decades ago.
The board position returns Schulze, 72, to the Richfield, Minn.-based company after he resigned in June amid a probe that found he failed to report allegations of inappropriate conduct by the CEO at the time.
While Schulze first proposed acquiring Best Buy in August and studied the books for months, he was unable to line up debt and equity financing by a Feb. 28 offer deadline, people familiar with the matter have said.
“The board is ready to focus on turning Best Buy around without the distractions of the Schulze takeover sideshow,” said Erik Gordon, a law and business professor at the University of Michigan.
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Schulze will receive $150,000 in annual salary, with no bonus, as chairman emeritus.