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.
Payout over Facebook IPO glitch OK'd
The Securities and Exchange Commission said Monday that it has approved a plan by the Nasdaq stock exchange to pay $62 million in reimbursements to investment firms that lost money because of technical problems during Facebook's initial public offering last year. Facebook went public May 18 amid great fanfare, but computer glitches at the Nasdaq delayed the start of trading and threw the debut into chaos. Technical problems kept many investors from buying shares that morning, selling them later in the day or even from knowing whether their orders went through.
Brother pleads not guilty in fraud case
The brother of a jailed one-time billionaire hedge fund boss pleaded not guilty to federal fraud charges Monday after rushing from his Brazil home to the United States upon learning last week that he was swept up in a massive insider trading prosecution. Rengan Rajaratnam, 42, “dropped everything and headed to the airport” after hearing that he was indicted in the same case that resulted in an 11-year prison sentence for his brother, Raj Rajaratnam, said his attorney Vinoo Varghese. He was released on $1 million bail after Monday's court appearance. “He's clearly gone above and beyond to prove his desire to face these charges,” Varghese said.