Best Buy Founder Schulze to Sell Shares to Diversify Assets
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Richard Schulze, Best Buy Co.’s founder and largest shareholder, informed the consumer electronics retailer that he plans to sell an undisclosed amount of its stock to diversify his assets and raise money.
Under the prearranged plan, Schulze can sell Best Buy stock between Oct. 1 and March 2014 at prevailing market rates, subject to minimum price thresholds, the Richfield, Minnesota-based company said yesterday in a securities filing. Schulze, 72, will have no control over the timing of the sale.