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Schulze looks to oust Best Buy board members as negotiations resume

Richard Schulze has reportedly hired a firm that specializes in boardroom battles to help him oust selected members of Best Buy’s board of directors. The New York Post reports Schulze wants to remove board members who are resisting his attempt to purchase the electronics retailer he founded and formerly chaired.

Meanwhile, Bloomberg reports Best Buy has revived negotiations with Schulze over giving him access to the company’s books as he and his fellow investors prepare their purchase offer. A previous round of talks broke down last weekend.

The Post writes that Schulze, who owns nearly 20 percent of Best Buy’s shares, was blindsided by this week’s hiring of Hubert Joly to be the new CEO. Joly’s compensation will exceed $20 million annually, an announcement that came on the heels of a 2nd quarter earnings report showing a 90 percent fall in earnings.

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April 18, 2014