Best Buy timeline

  • Updated: March 25, 2013 - 9:08 PM

Brad Anderson

Timeline

June 2009: Brian Dunn named CEO.

April 10, 2012: Dunn resigns abruptly as CEO.

May 14, 2012: A Best Buy investigation reveals Schulze was aware of allegations surrounding Dunn’s personal behavior with a female employee but did not alert the full board of directors. Schulze resigns as board chairman but remains on the board.

June 7, 2012: Schulze resigns from the board of directors, freeing him to “explore all available options” to regain control of the company.

June 26, 2012: Best Buy’s board approves $2 million in retention bonuses for executives.

July 31, 2012: Schulze recruits former Best Buy CEO Brad Anderson and former president and COO Allen Lenzmeier to join his takeover team.

Aug. 6, 2012: Schulze submits a takeover proposal to board, requests more financial information from Best Buy.

Aug. 20, 2012: Best Buy names Hubert Joly as new CEO.

Oct. 9, 2012: Joly agrees to allow Schulze to interview eight to 10 Best Buy executives as preparation for his formal takeover bid.

Nov. 13, 2012: Joly presents his “Renew Blue” strategy to analysts and investors in New York.

Nov. 21, 2012: Joly and Schulze meet formally for first time to discuss future of Best Buy.

Dec. 14, 2012: Best Buy and Schulze agree to postpone deadline for making a takeover offer until February.

Dec. 26, 2012: Director and former interim CEO Mike Mikan steps down from board.

Feb. 28, 2013: Schulze fails to make a takeover bid by deadline.

March 25, 2013: Schulze nominates Anderson and Lenzmeier to represent his 20 percent stake in the company. Schulze is named chairman emeritus.

Patrick Kennedy





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