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Schulze Returns To Best Buy After Buy Out Bid

Monday March 25th, 2013 - 12:24PM


Richard Schulze is back at Best Buy, according to a company filing with the United States Securities and Exchange Commission. After making a bid to take Best Buy private, he returns to the publicly traded company as chairman emeritus and has nominated two directors to the company’s board: Brad Anderson, former company CEO, and Allen Lenzmeier, former company vice chairman.

The two men will get seats on the board and nomination for full-two year director’s terms as part corporate elections during the Best Buy 2013 annual meeting, Best Buy noted.

The SEC filing states: "On March 25, 2013, Mr. Schulze and the company entered into a letter agreement pursuant to which, among other things, Mr. Schulze will continue in his role as chairman emeritus of the company, with the lifetime honorary title of founder and chairman emeritus.  The letter agreement also provides that until Mr. Schulze reaches the age of 75, he will be entitled to nominate two directors for appointment to the board of directors of the company.  Pursuant to that right, each of Brad Anderson and Allen Lenzmeier will be appointed to the company’s board of directors as promptly as practicable and will be nominated for election for a two-year term to the board of directors at the company’s 2013 annual meeting of stockholders."