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.
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. .
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