Best Buy
Founders
Richard M. Schulze, James Wheeler · Founded 1966 · HQ today: Richfield, Minnesota, United States
Best Buy was founded by Richard M. Schulze, James Wheeler in 1966 in Saint Paul, Minnesota, United States. It is now led by Corie Barry.
In 1966, Richard M. Schulze and James Wheeler opened Sound of Music in Saint Paul, Minnesota. In 1981, a devastating tornado ripped the roof off their largest location. Schulze held a massive 'Tornado Sale' in the parking lot, slashing prices to the bare minimum. The overwhelming consumer response inspired the 1983 rebranding to Best Buy.
| Founder | Role at founding | Contribution |
|---|---|---|
| Richard M. Schulze | Co-Founder & Chairman Emeritus | — |
| James Wheeler | Co-Founder & Early Business Partner | — |
Richard Michael Schulze is an American billionaire businessman who founded Sound of Music in Saint Paul, Minnesota in 1966 with $800 in personal savings and a small bank loan. Schulze pioneered the big-box discount consumer electronics format in the 1980s, serving as Best Buy CEO from 1966 to 2002 and Chairman until 2012. He remains Best Buy's largest individual shareholder and Chairman Emeritus, having built the chain into a Fortune 100 enterprise.
James Wheeler was the initial business partner alongside Richard Schulze who helped launch the original Sound of Music audio retail store in 1966, providing initial capital and operational assistance before selling his equity interest back to Schulze in 1971 as the business expanded beyond single-location audio components.
Corie Barry
Chief Executive Officer & Director
Hubert Joly
Former CEO & Executive Chairman (2012-2020)
Matt Bilunas
Chief Financial Officer & Senior Executive VP
Richard M. Schulze
Founder & Chairman Emeritus
Brad Anderson
Former CEO & Vice Chairman (2002-2009)
Best Buy was founded by Richard M. Schulze alongside business partner James Wheeler in 1966 in Saint Paul, Minnesota, originally under the name Sound of Music.
Richard M. Schulze serves as Founder and Chairman Emeritus of Best Buy. He retired from active executive leadership in 2002 but remains the company's largest individual shareholder and an influential corporate advisor.
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