Richard M. Schulze
| Richard M. Schulze | |
|---|---|
| Born |
Richard Michael Schulze January 1941 (age 76) Saint Paul, Minnesota, U.S. |
| Residence | Bonita Springs, Florida, U.S. |
| Nationality | United States |
| Occupation | Businessman |
| Known for | Founder of Best Buy |
| Net worth | US$3.1 billion (Forbes 2017) |
| Spouse(s) | Sandra J. Schulze (deceased) Maureen Schulze |
| Children | 10 |
Richard Michael Schulze (born January 1941) is an American businessman. He is the founder of Best Buy and previously served as chairman and CEO. On the Forbes 2016 list of the world's billionaires, he was ranked #722 with a net worth of US$2.4 billion.
Richard M. Schulze was born and raised in Saint Paul, Minnesota, where he dropped out from Central High School. He subsequently spent time in the U.S. Air Force with the Minnesota Air National Guard. After the Air Force, he worked as a consumer electronics salesman.
He has an honorary degree from the University of St. Thomas in Saint Paul.
In 1966, mortgaging his home, he founded an audio equipment store named Sound of Music in Saint Paul. The company expanded to nine stores and after a tornado destroyed one, he had a "tornado sale" at one location with a very large selection of goods and low prices. The sale was a hit and he renamed the chain Best Buy and shifted the model to a superstore format with 18,000 square foot stores, everyday low prices, and a heavy advertising budget. The format was very popular and thanks to increased demand for consumer electronics (especially with the advent of VCRs), the chain grew to forty stores in 1989. Thereafter, he eliminated the commission model (customers disliked aggressive sales) and expanded Best Buy's offerings to include computer software, music, movies, and computer hardware. In 1994, he increased the average store size to between 45,000 and 58,000 square feet. In 1995, the chain had $5 billion in sales and 155 stores. In 1996, Best Buy added appliances and kitchen utensils to its lineup.
In May 2012, Richard Schulze announced that he is stepping down as Best Buy chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
It was announced on August 6, 2012 that Richard Schulze made a bid to buy out the Best Buy company. According to the report he already owns 20% of the company. This news caused the share price of Best Buy to go up slightly. By late February, talks between Best Buy Co. and Schulze ended. He and private equity investors sought three board seats in exchange for acquiring a minority stake in the company. However, he wasn't able to line up the funding
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