Report: Best Buy To Battle Founder
Following reports that Best Buy founder Richard Schulze, the recently ousted chairman, may try and take the firm private, the Minneapolis Star Tribune is reporting that the board of Best Buy has decided to pay the company's four top executives a combined total of $2 million in cash, “to cement their ties to the retailer.”
Based on filings with the SEC, it says the Richfield, Minn.-based chain says it will pay $500,000 in retention bonuses each to its CFO, international chief, chief human resources officer and its U.S. president. It also granted the four restricted stock valued at $1.98 million each.
Earlier, the Wall Street Journal reported Schulze, who owns 20% of the company and is its largest shareholder, was working with Credit Suisse to explore taking the chain private. Schulze stepped down earlier this month when an internal investigation revealed that he knew of an alleged affair involving former Chief Executive Brian Dunn, who resigned in March.