Best Buy Co Inc’s founder and chairman, Richard Schulze, announced his resignation from the company’s board, effective immediately, on Thursday.

The founder’s resignation was made in order to explore options for his 20.1% ownership stake.

“I continue to believe in Best Buy and its future — and care deeply about its customers, employees and shareholders,” Mr. Schulze said. “There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers.”

Mr. Schulze was Best Buy’s chief executive for 36 years until 2002. Since 2002, he continued to serve as chairman and director. Mr. Schulze is the largest shareholder, with 69.78 million shares as of April 11, 2012, according to Thomson Reuters data.