Best Buy founder building executive team ahead of buyout

Best Buy Private Buyout

Best Buy (BBY) founder Richard Schulze plans to take the massive nationwide retailer private once again, and he is reportedly recruiting a team of executives to help revitalize the company if his effort is successful. An earlier report from June revealed Schulze’s intentions, suggesting that the former board chairman was planning a buyout to turn the struggling retailer’s business around and prevent his stake in the company, which currently sits at 20%, from losing more value. Now, Bloomberg adds on to the report, citing a senior Best Buy executive in stating that Schulze is building a new executive team that will be put in place if his buyout succeeds. “He is talking to people he trusts,” J.D. Wilson, SVP of enterprise capabilities, told Bloomberg. “There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack.”

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