Richard Schulze, founder and largest shareholder of Best Buy Co., Inc. (NYSE: BBY), today issued the following statement in response to Best Buy’s announcement that it has named Hubert Joly as President and Chief Executive Officer.
“Hubert Joly is an accomplished executive. However, Best Buy continues to face enormous challenges and needs a clear plan and a proven leadership team with deep retail experience and knowledge of Best Buy to win back customers, inspire employees and reinvigorate its trusted brand. I will continue to pursue my proposal which will provide compelling value for shareholders and create new opportunities for customers and a bright future for Best Buy employees.
“I remain disappointed by the Best Buy Board’s abrupt public termination of our private discussions to provide us the permissions and information we need to make a fully financed offer. We had believed we were close to an agreement for a reasonable standstill period and are eager to resume our discussions immediately if the Board is truly interested in reaching an agreement in shareholder interests. It is time for everyone involved to focus their energies on saving Best Buy. Time is of the essence, as value is eroding every day.”
Credit Suisse is serving as financial advisor to Richard Schulze and
Shearman & Sterling LLP is serving as legal counsel.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV