Consumer electronics retailer Best Buy Co. Inc. (BBY) announced that its Founder, Richard Schulze is returning to the company as its Chairman Emeritus.
In addition, Schulze has nominated Brad Anderson and Al Lenzmeier to serve on the Best Buy Board of Directors, pursuant to a previously disclosed agreement between the company and Schulze.
Anderson and Lenzmeier join the Best Buy Board of Directors, effective immediately. They will stand for election at the company's annual shareholder meeting in June 2013.
Earlier in this month, Best Buy said it had not received any acquisition offer from its founder and former chairman Richard Schulze until the deadline that expired on 28th February 2013.
Reports also had stated earlier in this month that the company ended talks with Schulze and his private-equity partners in the deal, after a proposal for acquiring a minority stake in Best Buy in exchange for three seats on the board, was shot down by the company. However, it was still possible that Schulze would come back with another proposal.
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