Best Buy founder Richard Schulze is resigning from the board and may sell off his 20.1 percent stake in the company.
"I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders," Schulze said in a statement. "There is an urgent need for Best Buy to reinvigorate growth by connecting with today's customers and building pathways to the next generation of consumers."
Schulze, 71, has been with the company since its inception in 1966 and is Best Buy's largest shareholder.
Schulze announced in May that he would step down as chairman on June 21 after an investigation found he knew former CEO Brian Dunn was having an inappropriate relationship with a female employee.