Best Buy’s founder and largest individual shareholder Richard Schulze resigned as chairman and a director and said he intends to explore options for his 20.1-percent stake, a move that could make the electronics retailer a takeover candidate.
Schulze’s move comes as Best Buy shares have faced pressure amid a scandal and probe that found former CEO Brian Dunn engaged in an “extremely close personal relationship” with a subordinate that “negatively impacted the work environment,” according to the company’s board.
The stock is off 20 percent this year and fell 7 cents to $19.62.
Schulze, 71, was Best Buy’s CEO for 36 years. He is the company’s largest shareholder.
An internal probe found Schulze didn’t alert other directors that Dunn was having the inappropriate relationship with the female employee.