Richard Schulze

Over the past year, Robert Willett has enjoyed a front-row seat to Best Buy founder Richard Schulze's efforts to buy back the retailer. Willett, a former CEO of Best Buy International who developed the company's Best Buy Mobile format, advised Schulze, former CEO Brad Anderson, and former president Al Lenzmeier on the buyout campaign and helped develop a business plan to revitalize the retailer. Schulze is now chairman emeritus, while Anderson and Lenzmeier serve on the board.

Since retiring from Best Buy in 2010, Willett has put his experience to good use.

Following a drawn out stand-off between current Best Buy CEO Hubert Joly and company founder Richard Schulze, the electronics chain announced last week that Schulze would be returning to the company as chairman emeritus.

The news came on the heels of a contentious campaign by Schulze to retake control of the company through a leveraged buy-out plan, which concluded on February 28 without a final bid.

Markets have reacted positively to the new alliance, and this move brings Joly one step closer to turning around the flagging big-box retailer.

Tucked away in Best Buy's recent let's-be-friends deal with founder Richard Schulze are some details on the perks, financial and otherwise, that Schulze will collect in his new role as "chairman emeritus."

Footnoted, a blog that delves into security filings, reports on this week's peacemaking agreement between Schulze and Richfield-based Best Buy, which among other things will return Schulze and two other former executives to the retailer's board.

He'll get money, of course - $2.1 million plus a salary of $150,000, which was noted in Best Buy's 8-K about the agreement.

Following his failed takeover attempt last month, Best Buy founder Richard Schulze will return to the company with the title Chairman Emeritus. Another former CEO, Brad Anderson, has rejoined the board, as has former executive  Al Lenzmeier. 

Best Buy Co. Inc. disclosed Friday that founder Richard Schulze has until the end of October to submit his nominations to the board of directors.

Under an agreement with the company, Schulze's 20 percent stake entitles him to two board seats. He can put forth three candidates, including himself, by Oct. 31, of which Best Buy must select two people, according to the company.

Best Buy recently changed its bylaws so that shareholders could nominate directors between Feb. 15 and March 15, a deadline that appeared to apply to Schulze

It is unfortunately safe to say that Best Buy has seen better days. Announcing their plan to let go of 400 employees from their headquarters on Tuesday, the big blue electronics supplier released another bit of bad news on Friday - their earnings for the 2012 fourth quarter.

According to an official release, Best Buy announced a net loss of $377 million on revenues of $16.7 billion in Q4, against an analyst expectation of $16.29 billion. CEO Hubert Joly commented on the profit decrease, stating that domestic sales offset the company's failures overseas.

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