Richard Schulze, founder and largest shareholder of Best Buy Co. Inc. (BBY), issued a statement in response to Best Buy's announcement that it has named Hubert Joly as President and Chief Executive Officer.
Richard Schulze said that Hubert Joly is an accomplished executive. However, Best Buy continues to face enormous challenges and needs a clear plan and a proven leadership team with deep retail experience and knowledge of Best Buy to win back customers, inspire employees and reinvigorate its trusted brand.
Schulze also noted that he will continue to pursue his proposal which will provide compelling value for shareholders and create new opportunities for customers and a bright future for Best Buy employees.
"I remain disappointed by the Best Buy Board's abrupt public termination of our private discussions to provide us the permissions and information we need to make a fully financed offer. We had believed we were close to an agreement for a reasonable standstill period and are eager to resume our discussions immediately if the Board is truly interested in reaching an agreement in shareholder interests," said Schulze.
Earlier today, Best Buy announced that its Board has appointed Hubert Joly as its President and Chief Executive Officer and a member of its Board of Directors.
On 6th August 2012, Best Buy's founder Richard Schulze had said that he submitted a proposal to take the company private for a price of $24 to $26 per share in cash. The offer attributes equity value of more than $8 billion to the company.
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