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Best Buy founder expanding family foundation

Published 10:34am Tuesday, June 18, 2013

MINNEAPOLIS — The founder of Best Buy said he has plans to make his family foundation one of Minnesota’s largest.

Dick Schulze said he will expand the $100 million foundation to about $1 billion and will donate most of the money to education and medical research.

The 72-year-old Schulze said that he and his wife, Maureen, plan to donate about half their net worth to the Richard M. Schulze Family Foundation based in Minneapolis. Schulze said Mark Dienhart, an executive at the University of St. Thomas, will lead the foundation.

Schulze left the Best Buy board in 2012 amidst a rebuilding strategy. He remains Best Buy’s single largest shareholder.