Best Buy Co., Inc. Releases Results of Independent Investigation; New Chairman Of The Board Elected

Best Buy Co., Inc. announced that on May 12, 2012, it elected director Hatim Tyabji to succeed Richard Schulze as Chairman of the Company, effective at the conclusion of the annual meeting on June 21, 2012. When Mr. Schulze steps down as Chairman, he will become Founder and Chairman Emeritus, an honorary position. Mr. Schulze will serve out the remainder of his term as director through June 2013. The Board also publicly released the results of an independent investigation into personal conduct allegations involving former CEO Brian Dunn, who resigned in April. When these allegations, which were unrelated to the Company’s operations or financial controls, were brought to the Board’s attention, the Audit Committee immediately initiated an investigation. Key findings of the investigation include: The CEO violated Company policy by engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment. The CEO’s relationship with the female employee demonstrated extremely poor judgment and a lack of professionalism, but the inquiry revealed no misuse of Company resources. The inquiry also revealed no misuse of aircraft. In addition, as part of the investigation, it was determined that the Chairman of the Board of Directors acted inappropriately when he failed to bring the matter to the Audit Committee of the Board of Directors in December 2011, when the allegations were first raised with him.