Best Buy Chairman Follows Bosses Out of the Door
It doesn't rain, it pours if you have any interest in Best Buy (NYSE: BBY). In fact, if we're going to go with the weather analogy, even that doesn't cut it. What is going on at Best Buy is a metaphorical natural disaster - all of the fury of a higher power is being aimed squarely at the electronics retail chain, and it must really suck to be them right now.
The latest? Founder and chairman Richard Schulze is resigning after an investigation discovered that he knew about disgraced CEO Brian Dunn's inappropriate "close personal relationship" with a female employee, but did nothing about it.
Perhaps the most surprising thing is that, despite Dunn's transgressions, he will still receive a $6.6 million severance package. This from a company struggling to be in the black.
"In December, when the conduct of our then-CEO was brought to my attention, I confronted him with the allegations (which he denied), told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I, and the company, stand for. I understand and accept the findings of the Audit Committee," Schulze said in a statement.
Too little too late, and Schulze joins the growing list of Best Buy calamities for 2012.
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