Best Buy Founder Resigns Jun 11, 2012

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Richard Schulze, the founder, chairman, and largest shareholder of appliance and electronics retail chain Best Buy, has resigned from the board. He also plans to sell his 20% stake in the company.

"There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers and building pathways to the next generation of consumers," Schulze said in a statement.

Best Buy saw revenue and profit slide in 2011 and said in early 2012 that it will trim costs, close 50 of its 1150 stores, and cut about 400 corporate jobs.

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