After resigning from the company he founded and later attempting to buy it back in pursuit of privatization, Richard Schulze has returned to Best Buy. According to a joint announcement, Schulze will take on the title of Chairman Emeritus — a ceremonial role that likely won't grant him much direct control over the big box retailer, but reinforces Schulze's standing in Best Buy's corporate ladder. "My dedication to the company that I founded and love is unwavering," Schulze said in a statement.
The relationship between Best Buy and Schulze first began to unravel in May of last year. The executive suddenly resigned after failing to disclose an inappropriate relationship between then-CEO Brian Dunn and a female colleague to the company's directors. A few months later, Schulze laid out plans to buy back the electronics chain he founded and take it private, a move he considered vital to saving the struggling retail giant. That privatization effort ultimately failed to materialize, though Schulze now seems confident Best Buy's current trajectory — which includes a pair of new Board of Director appointees — is the right one. "I determined that the best way to support Best Buy would be to return in support of the initiatives underway," he said.