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Best Buy founder to leave chairman role

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Best Buy Co. Inc. founder and Chairman Richard Schulze is stepping down after he failed to tell the board that former CEO Brian Dunn had violated company policy by having “an extremely close personal relationship” with a female employee, Reuters reported.

Best Buy said an investigation by the board had found that the relationship “negatively impacted the work environment,” but involved no misuse of company resources. Schulze will be succeeded by Hatim Tyabji, chairman of mobile network software company Bytemobile and chairman of Best Buy’s audit committee.

The change takes effect at the end of the company’s annual meeting on June 21.

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