New York -- Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, Reuters reported, citing a person familiar to the situation.
Schulze owns more than 20% of the company’s shares. He abruptly resigned from the Best Buy board last June and said he was exploring options for his ownership stake. The company’s shares have risen lately on speculation that Schulze close to presenting a buyout offer.
Schulze lost his chairman title after an investigation by a board committee found that he did not inform the board about allegations regarding former CEO Brian Dunn’s relationship with a female employee.