Best Buy founder Richard Schulze quits over Brian Dunn scandal

  • Article by: THOMAS LEE , Star Tribune
  • Updated: May 15, 2012 - 12:21 PM

Investigation found that Richard Schulze kept quiet about allegations involving former CEO Brian Dunn.

  • 49
  • Comments

  • Results per page:
bamm_bamm75May. 14, 12 8:44 AM

Could this be the final nail for BBY?

12
19
Tinye67May. 14, 12 9:04 AM

Nope, just the end of the Old Boys Network.

56
6
RossbergMay. 14, 12 9:18 AM

So what do the stockholders and the employees who didn't misbehave get as a result of the investigation? Apparently it's lower stock prices and layoffs. Not very satisfying. It would probably have been better to overlook Mr. Dunn's transgressions and let him slip away quietly since the bad PR is what's really costly.

28
12
blake42May. 14, 12 9:25 AM

So, let me get this straight. The founder is stepping down as chairman the day the report on the investigation into the CEO is complete, and his replacement is the person in charge of the investigation. Wow, from the surface it looks like a total power move and bloodless coup...Old Boys Network with teeth.

34
3
verndaleMay. 14, 12 9:27 AM

Most boards of directors are ineffective. Members meet monthly and have minimum oversight and trust highly compensated executives and robotic accounting.

42
5
alandersen2May. 14, 12 9:30 AM

I fail to see what's so "troubling" about 2.5 Billion in free cash flows year after year...

14
7
stopnaggingMay. 14, 12 9:31 AM

New leadership would probably be a good thing. Their 1990s business model doesn't work anymore. They need some new ideas.

47
3
xorcistMay. 14, 12 9:35 AM

This story is lacking in details; it reads like a PR statement and leaves out a lot of important information, even though the company said they would release complete details of this investigation.

• If Schulze acted inappropriately by not bringing the matter to the Audit Committee when he knew about it, then why does he get to keep his position as Chairman of the Board until next year, even though Dunn was fired?

• If Dunn was involved in an inappropriate relationship with a female staffer, what were the details of that relationship that made it inappropriate?

• Having engaged in that inappropriate relationship and been fired, why does Dunn get a severance package worth $6.63 million? Anyone else not in the executive ranks and guilty of the same thing would get nothing at all.

Best Buy is holding back details they promised to provide, and the fact that they have a feckless Board of Directors beholden to Schulze proves that they haven't changed their ways.

38
15
csjohnMay. 14, 12 9:37 AM

$6.63 M separation agreement? I'm at a loss for words.

53
4
bredpathMay. 14, 12 9:40 AM

so, he goes from working the floor to getting more than a $6 mill severance package? He must be crushed. Enjoy your retirement Dunn.

41
1

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT