June 7, 2012 |
Best Buy Co. Inc. just can't catch a break. Chairman and founder Richard Schulze is jumping ship earlier than expected, taking with him a 20.1% stake in the struggling electronics retailer. Schulze, 71, told the company's board Thursday morning that he is resigning immediately. “I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders,” he said in a statement. “There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers and building pathways to the next generation of consumers.” Originally, Schulze was to step down as chairman on June 21 and stay on as a director through June 2013, relinquishing his positions in the wake of a scandal involving former Chief Executive Brian Dunn.
May 14, 2012 |
After investigating former Chief Executive Brian Dunn's relationship with a female employee, an internalBest Buy Co.probe found “extremely poor judgment and a lack of professionalism” but no misuse of the electronics retailer's resources. Dunn will walk away from Best Buy with a severance package worth an estimated $6.6 million and a non-compete period that was raised to three years from one year, the company said Monday. Best Buy's board also said it elected a new chairman. The company had been looking into allegations about Dunn's personal conduct since before he resigned in April . The inquiry , which was launched by the retailer's audit committee and completed by an outside law firm, found that Dunn “violated company policy” and “negatively impacted the work environment” by carrying on with the employee.
CALIFORNIA | LOCAL
March 3, 2012 |
The water bill at Maria Arizmendi's home in Bell has gotten so expensive that she's cut back on gardening and started using paper plates. Often, when it's time to shower, she heads over to the home of a friend, who is served by a different utility. Arizmendi, 70, said she pays about $50 a month for water, but her friend pays roughly $20 every two months. "There must be something that's not working right," said Arizmendi, a retired L.A. County employee who lives alone. "It just doesn't make sense what they put in these bills, and when you call, you can't get them to pick up, or you can't get an answer.
July 18, 2006
Beckman Coulter Inc., a Fullerton-based maker of medical instruments whose audit committee had been reviewing claims by a former employee related to accounting issues, said that the committee found no accounting irregularities and that no adjustments were needed to its financial statements.
June 28, 2006 |
Rambus Inc., a designer of computer memory chips, said Tuesday that it might have to restate financial reports after finding that some dates used to set the value of its options didn't match the grant dates. The audit committee that identified the issue hasn't determined whether any charges against earnings will be required, the company said. Shares of the Los Altos, Calif.-based company fell 71 cents to $23.13. Also Tuesday, CNet Networks Inc.
CALIFORNIA | LOCAL
March 9, 2006 |
A state commission founded by Hollywood filmmaker Rob Reiner is facing increased state scrutiny after lawmakers Wednesday approved a broad audit of the panel's spending. At the same time, the Sacramento County district attorney is reviewing a separate request for an investigation of the First 5 California Children and Families Commission. A committee of state senators and Assembly members directed the Bureau of State Audits to perform the fiscal review of the commission.