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Best Buy Chairman stepping down after CEO probe

Best Buy founder and Chairman Richard Schulze is stepping down after he failed to tell the board that former CEO Brian Dunn had violated company policy by having "an extremely close personal relationship” with a female employee, the electronics retailer said on Monday.

Best Buy said an investigation by the board had found that the relationship "negatively impacted the work environment,” but involved no misuse of company resources.

Dunn, who left the company on 10 April during a probe of the allegations, will receive a severance payment of USD2.85 million, the company said.

(Source: CNBC)