Best Buy founder waves goodbye

Richard Schulze resigns from the board of online retailer with immediate effect

The founder of online giant Best Buy Richard Schulze has thrown in the towel and resigned from the board.

A statement on the firm’s website, described Schulze as an "iconic entrepreneur" who "changed the landscape of American retail" after he built the business into a $50bn enterprise with almost 170,000 employees across the globe.

“The board offers its deep appreciation for his enormous contributions and service as Best Buy’s founder and chairman,” it said.

Schulze was initially set to assume the title of Founder and Chairman Emeritus at the firm’s annual meeting on 21 June, serving out the remainder of his term as director to June 2013, but instead resigned with immediate effect.

Last year the Best Buy brand bowed out of the UK market, closing its 11 ‘large-format’ stores in the region citing “challenging economic conditions” and "poor profits".

Schulze is succeeded by Hatim Tyabiji, who according to the statement boasts 40 years of board member experience.