Richard Schulze, founder of Best Buy Co. Inc.
- January 5, 2013 - 9:21 AM
« I cannot emphasize strongly enough how much I believe in Best Buy and how much I would welcome the opportunity to do what's best for shareholders and Best Buy. »
About Schulze: After quitting Best Buy last summer, Schulze is trying to buy back the company. To that end, he has enlisted former CEO Brad Anderson, former president Al Lenzmeier, and a group of banks and private equity investors, including Leonard Greene & Partners, Cerberus Capital Management and Texas Pacific Group. He believes that Best Buy can only survive as a private company.
Personal file: An Air Force veteran, Schulze founded the Sound of Music in 1966 as a single store in St. Paul. He went on to build the world's largest consumer electronics retailer with more than $50 billion in sales and 100,000 employees. Schulze and his wife, Maureen, have a combined family of 10 children from their previous marriages. Schulze is a member of the University of St. Thomas board of trustees and the school's Opus College of Business board of governors. He is also director of the Richard M. Schulze Family Foundation.
What's big in 2013: Schulze and his partners will bid on Best Buy in February, possibly for $5 billion to $6 billion. If the board doesn't accept his offer, Schulze could try to directly lobby shareholders or launch a proxy campaign to oust the board.
Last word: "I feel that the transaction I am proposing would be a 'win-win,' as it would allow shareholders to receive compelling value for their shares, and it would allow Best Buy to take the actions that it needs to take outside of the public sphere."
© 2013 Star Tribune