Reuters

(Reuters)

Best Buy Founder Resigns From Board

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Best Buy Co Inc (BBY) founder Richard Schulze said on Thursday that he is immediately resigning from his role of chairman and as a director board as he explores all options for his 20.1 percent stake in the company.

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"I continue to believe in Best Buy and its future - and care deeply about its customers, employees and shareholders," Schulze, 71, said in a statement.

Schulze, who controls about 20.1 percent of Best Buy shares, had previously planned to step down as chairman after the 2012 annual meeting on June 21 and to remain a director through the 2013 annual meeting.