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Best Buy's ousted founder Richard Schulze returns to company after failed buyout

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Best Buy store nyc (STOCK)
Best Buy store nyc (STOCK)

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.