Best Buy co-founder now backs CEO

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Posted: Tuesday, March 26, 2013 12:00 am

Best Buy's co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus.

The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.

Best Buy has been working to turn around its results as it faces tough competition from online retailers and discounters.

Since hiring turnaround expert Hubert Joly as its CEO in August, the company has cut jobs, invested in training employees and started matching online prices. Schulze says he supports Joly's plans to turn around the company.

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