Richard Schulze, the founder and largest shareholder of Best Buy Co Inc (NYSE:BBY), has informed the world's largest consumer electronics chain about his plan to start selling its stock starting this fall, according to a regulatory filing on Monday.
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"The stock sales ... are part of his personal long-term strategy for asset diversification and liquidity," Schulze told Best Buy, according to the filing.
Schulze rejoined the company earlier this year as chairman emeritus and added two of his former colleagues to the board after failing to take the company private. As chairman emeritus, Schulze has no formal role on the retailers' board.
Schulze, who has a 20 percent stake in Best Buy, adopted a pre-arranged plan to sell the shares starting October 1. The plan, scheduled to expire in March 2014, does not give him control over the timing of the stock sales.
A Best Buy spokesman had no comment on Monday's filing.
(Reporting by Dhanya Skariachan; Editing by Phil Berlowitz)