Summary Box: Schulze returns to Best Buy fold

Summary Box: Best Buy names co-founder Richard Schulze as chairman emeritus

Associated Press

HOME AGAIN: Best Buy's co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.

RECOVERING: Since hiring turnaround expert Hubert Joly as its CEO in August, Best Buy has cut jobs, invested in training employees and started matching online prices. Schulze says he supports Joly's plans to turnaround the company.

BOARD BUDDIES: Schulze named two executives to the board: former CEO Brad Anderson and former Chief Operating Officer Al Lenzmeier to the board.

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