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Best Buy Elects New Chairman

Jaclyn Jaeger | May 21, 2012

Best Buy has elected director Hatim Tyabji to succeed Richard Schulze as chairman of the board of directors, effective at the conclusion of the company's June 21 annual meeting.

The departure of Schulze follows an independent internal investigation, which concluded that Schulze failed to inform fellow board members in December 2011 after being notified about personal misconduct allegations made against former Chief Executive Officer Brian Dunn, who resigned in April.

When Schulze steps down as chairman, he will become founder and chairman emeritus, an honorary position. Schulze will serve out the remainder of his term as director through June 2013.

When the audit committee was first informed of the allegations in mid-March 2012, it hired outside law firm WilmerHale to conduct an independent investigation. In the interest of transparency and accountability, the board made a commitment to publicly release the findings, the company said. Those findings can be found here.

Tyabji has more than 40 years of experience as a board member, operating executive and entrepreneur in various technology industry segments, including mobile communications, enterprise software, financial services and mainframe computing. Since 2001, Tyabji has been Chairman and CEO of Bytemobile, a global provider of video optimization and traffic management systems for mobile network operators. He is also chairman of Jasper Wireless, a provider of cloud-based machine-to-machine and device management services.

Previously, Tyabji was Chairman and CEO of Saraïde, a provider of wireless Internet and data services. From 1986 to 1998, he was chairman, president and CEO of VeriFone. Prior to VeriFone, Tyabji spent 13 years at mainframe manufacturer Sperry Corporation, where he rose from a project manager to president of information systems.

In addition to the chairing the audit committee, Tyabji serves on the Best Buy board's compensation and human resources committee.

More on the Best Buy debacle will follow in an upcoming edition of Compliance Week. A related guest column by David Frishkorn, vice president and chief compliance officer for Comverse Technology, can be found here.