Richard Schulze Net Worth is$2 Billion
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Profession: Entrepreneur, Businessperson
Date of Birth: 1941
Nicknames: Richard M Schulze, Dick Shulze
Ethnicity: Caucasian race
Country: United States of America
Richard Schulze net worth: Richard Schulze is an American businessman with a net worth of $2 billion dollars which makes him one of the richest people in Minnesota. Born in St. Paul, Minnesota, Richard Schulze graduated from Central High School and then joined the Minnesota Air National Guard. He went on to found the "Sound of Music Store" in St. Paul in 1966. "Sound of Music" would eventually become known as Best Buy. Best Buy went public twenty years later and was the second largest electronics retailer in the US throughout the early to mid-90s. Mr. Schulze served as CEO until 2002, and then became Chairman of the Board. The company has struggled over the course of the last ten years, finding it hard to compete against online video, music, and electronics companies such as iTunes and Amazon. During the summer of 2012 they closed 50 locations around the US, and let 2,400 employees go. Mr. Schulze stepped down as Chairman in May of 2012, after it was revealed that he knew about a relationship between (now former) CEO, Brian Dunn, and a female employee.
Dick Schulze is the founder and immediate past chairman of Best Buy. He lives in Bonita Springs, Florida.
He was born and raised in Saint Paul, Minnesota where he graduated from Central High School. He subsequently spent time in the U.S. Air Force with the Minnesota Air National Guard. He has an honorary degree from the University of St. Thomas in Saint Paul. On November 9, 1991, Minnesota Governor Arne Carlson designated the day as Richard M. Schulze Day.
In 2000, Schulze donated $50 million to the University of St. Thomas, at the time the largest donation to a Minnesota college or university. The money went to help open the UST School of Law, featuring the prominent Schulze Grand Atrium, as well as The Schulze School of Entrepreneurship, part of the St. Thomas College of Business and located in Schulze Hall ; both schools are in downtown Minneapolis. Schulze sits on the Board of Governors of the UST School of Law.
In 2011, he was ranked 157th richest person in America by Forbes, with an estimated worth of $2.5 billion.
In May 2012, Richard Schulze announced that he is stepping down as of Best Buy chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
It was announced on August 6, 2012 that Richard Schulze made a bid to buy out the Best Buy company. According to the report he already owns 20% of the company. This news caused the share price of Best Buy to go up slightly.

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Richard Schulze Latest News

Best Buy Bid Looks About as Shaky as Its Target

Photo by Scott Olson/Getty Images The bid for Best Buy looks about as shaky as the target. Richard Schulze, the electronics chain’s founder, wants to take it private for up to $8.8 billion. His 20 percent stake adds credence to the offer, but financing ...
Posted: August 6, 2012, 2:50 pm

4 Southwest Floridians remain on Forbes 400 wealthiest Americans list

Richard Schulze (Photo: Submitted) Richard Schulze, 76, the founder of Best Buy who lives in Bonita Springs, moved up 20 spots this year, weighing in at No. 219 with a net worth of $3.4 billion. A year ago, Schulze's net worth was at $2.8 billion.
Posted: October 17, 2017, 3:48 pm

Best Buy Founder Schulze Strikes Again

Richard Schulze has struck again. The founder of Best Buy (ticker: BBY) disclosed that a revocable trust that he controls has sold another million shares of the retailer on Dec. 4 for $60.2 million, or $60.24 a share on average. That particular trust now ...
Posted: December 6, 2017, 2:37 am
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