Best Buy: Timeline of Richard Schulze

  • Updated: February 28, 2013 - 10:13 PM

Richard Schulze has been the cornerstone of Best Buy since its inception, but in the last nine months he’s been on the outside looking in as the company has endured its rockiest stretch ever. He’s poised to jump back in.

 

1966: Schulze and a business partner found an electronics store called Sound of Music.

1981: A tornado hits Roseville; company responds with “Tornado Sale” that launches its low-price, no-frills retail environment.

1983: Company changes name to Best Buy Co. Inc. and opens its first superstore.

2002: Brad Anderson succeeds Schulze as CEO. Schulze remains chairman.

2009: Brian Dunn succeeds Brad Anderson as CEO.

December 2011: Schulze receives allegations about Dunn’s personal behavior.

April 10, 2012: Dunn abruptly resigns. The company acknowledges it has initiated an investigation of Dunn; Best Buy director G. “Mike” Mikan is named interim CEO.

June 7: Schulze resigns from board of directors in order to explore his options; board member Hatim Tyabji is named chairman.

July 31: Schulze recruits former Best Buy CEO Anderson and former President and COO Al Lenzmeier to join his takeover team.

Aug. 6: Schulze submits a preliminary takeover proposal to Best Buy’s board. He suggests an offer of $24 to $26 a share.

Aug. 20: Best Buy announces it has hired Hubert Joly from the Carlson Companies as CEO.

Oct. 10: Joly agrees to let Schulze interview Best Buy executives.

Nov. 21: Joly and Schulze’s team meet to share their points of view about the company in a substantial way.

Dec. 14: Best Buy and Schulze agree to push back a Dec. 16 deadline for Schulze to make an offer to buy the company.

Dec. 31: Best Buy announces that directors Mikan and Matthew Paull are stepping down from their leadership roles on the board.

 

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