Best Buy founder Richard Schulze will return to the company as chairman emeritus after failing in a six-month attempt to take over the electronics retailer.
Schulze will receive as much as $2.1 million in compensation for consulting and help in preparing a business plan in the next 12 months, CEO Hubert Joly said in a letter filed yesterday with the Securities and Exchange Commission. Schulze will receive $150,000 in annual salary, with no bonus.
Schulze also nominated former Best Buy CEO Brad Anderson and former Vice Chairman Al Lenzmeier to the retailer’s board. Both are allies of Schulze, and will join the board immediately and stand for election at the annual meeting in June.
Schulze, 72, returns after resigning last June amid a probe that found he failed to report allegations of inappropriate conduct by the CEO at the time.
Best Buy rose 1.8 percent, to $23.20, in New York. The shares have gained 96 percent this year, the best performance in the Standard & Poor’s 500 Index.