Best Buy founder returns as chairman emeritus

Best Buy Co Inc founder Richard Schulze, who left the board last year and later failed in his effort to take the company private, will rejoin the retailer as chairman emeritus and add two of his former colleagues to the board.

Schulze has nominated former Chief Executive Brad Anderson and former Chief Operating Officer Al Lenzmeier to the board, Best Buy said on Monday. Schulze and the company had a prior agreement that let him nominate two directors.

Schulze, who founded Best Buy in 1966, resigned as chairman last June after an internal probe found he had not informed the board of allegations that former Chief Executive Brian Dunn was having an inappropriate relationship with a female employee.

Schulze then tried to take Best Buy private, an effort that fell apart earlier this year.

Best Buy's shares rose 1.1 percent to $23.04 in premarket trading.

(Reporting by Nivedita Bhattacharjee in Chicago; Editing by Gerald E. McCormick and Maureen Bavdek)