Thursday, June 7, 2012

You say good-bye and I say hello: Best Buy founder says he is leaving early, while Samsung names new CEO

There are some major comings and goings today in the business world as Best Buy's founder Richard Schulze said he would be leaving the board early. Schulze, who is leaving following the sudden resignation of chief executive Brian Dunn, has previously said he would leave at the end of the year.

Brian Dunn
The move may have a significant impact on shareholders as Schulze said he plans on selling his 20.1 percent stake in the company.

Schulze issued a statement in which he called on the company to "reinvigorate growth by reconnecting with today’s customers."

“I have shared my views with the board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake,” Schulze said.

Meanwhile, Samsung has named Kwon Oh-hyun as the new CEO, he had previously been the head of Samsung's components business. Tech sites have been quick to point out that the new CEO has deep ties to Apple due to the fact that Samsung is a major supplier to the maker of the iPhone and iPad. He also studied at Stanford.

But Samsung is a family owned business so any major changes in the relationship between the two companies would have to be initiated at that level.