Best Buy founder Richard Schulze is stepping down as chairman immediately so that he can "explore options" for his 20.1% stake in the company, the Wall Street Journal reports. Schulze was already set to resign, thanks to his role in covering up the Brian Dunn sex scandal, but it wasn't supposed to happen until after the June 21 shareholder meeting, and even then, he was going to remain on as director for another year.
Best Buy's stock is in freefall, down 18% on the year, and 6% in recent trading. "I continue to believe in Best Buy and its future," Schulze said. But "there is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers." Schulze will be replaced by audit committee chairman Hatim Tyabji.