In this Sept 16, 2008 file photo, an employee walks near the Best Buy Mobile section of a Best Buy store in Mountain View, Calif.
NEW YORK (AP) — The founder and outgoing chairman of Best Buy is resigning from the board and may sell off his 20.1 percent stake in the beleaguered electronic retailer.
It's the latest news to hit the Minneapolis company facing increasing competition from online retailers and a CEO scandal.
Richard Schulze, 71, has been with the company since its inception in 1966 and it its largest shareholder.
[Read: Microsoft Expands Xbox Deal to Best Buy, Game Stop.]
He initially announced in May that he would step down on June 21 at the company's annual meeting after an investigation found he knew that the then-CEO was having an inappropriate relationship with a female staffer.
Shares of Best Buy Inc. slid 5 percent, or 98 cents, to $18.95 in early trading. .
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Reader Comments (