Big-box electronics retailer Best Buy (NYSE:BBY) announced today that its founder, Richard Schulze, has returned to the company as chairman emeritus. Schulze has also nominated Brad Anderson and Al Lenzmeier as directors, both of whom will stand for election at Best Buy's annual meeting in June. Schulze's title is mostly an honorary distinction, and as such, he may not have much power over the company's direction.
The news comes just after Schulze's proposed buyout of Best Buy fell through. Last August, Schulze said he was interested in taking the company private, but the talks eventually broke down after he was unable to secure sufficient debt and equity financing. The deadline to submit an official offer passed last month.
Best Buy Chairman Hatim Tyabji expressed confidence that Schulze could contribute to the company's turnaround in his new position.