Richard M. Schulze, Chairman Emeritus of Best Buy Co Inc, filed a Form 4 on November 9, 2026, disclosing a change in beneficial ownership of common stock resulting from the appointment of his spouse as trustee of a trust on November 5, 2026.

Key Highlights

  • Reporting person: Richard M. Schulze, identified in the filing as Chairman Emeritus of Best Buy Co Inc (NYSE:BBY).
  • Transaction date: November 5, 2026, with transaction code J, reflecting a change in beneficial ownership reporting status, not an open-market purchase or sale.
  • 435 shares added indirectly: Schulze became deemed to beneficially own 435 shares held by a trust solely because his spouse was appointed trustee; the shares were already held by the trust prior to this event.
  • Price recorded as $0.0000: No securities were acquired or transferred in connection with the event, per the filing's explanation.
  • 401(k) adjustment: The filing reflects 70,924.4533 shares in a 401(k) plan, described as a periodic adjustment based on a plan statement as of November 3, 2026.
  • Large indirect holdings: The filing reports 9,230,936 shares held indirectly as trustee for a revocable trust and 1,153,938 shares held indirectly as sole general partner of limited partnership B, among other indirect positions.

Schulze Beneficial Ownership Shifts Following Spouse's Trustee Appointment at Best Buy

According to the filing, the transaction recorded on November 5, 2026 did not involve any purchase or sale of Best Buy common stock. Instead, Schulze became deemed to beneficially own 435 shares held by a trust as a result of his spouse's appointment as trustee of that trust. The filing states: "The reported transaction reflects only a change in beneficial ownership reporting status. The shares were held by the trust prior to such appointment, and no securities were acquired by the reporting person or the trust in connection with this event." The 435 shares are reported as indirectly owned, with the nature of indirect beneficial ownership listed as "Spouse, as trustee."

The filing also discloses a periodic adjustment to the 401(k) account, showing 70,924.4533 shares based on a plan statement dated November 3, 2026, described as exempt from reporting under Rule 16b-3(c). Beyond these two items, the filing lists multiple additional indirect holdings: 2,061 shares in an IRA, 702,903 shares held indirectly as sole general partner of limited partnership B, 1,153,938 shares in a spousal GRAT, 399 shares attributed to spouse, 172,831 shares in a spouse irrevocable trust, and 9,230,936 shares held as trustee for a revocable trust.

No derivative securities transactions appear in Table II. The Form 4 was signed by Jodie H. Crist as attorney-in-fact on November 9, 2026. Schulze's relationship to the issuer is listed as Chairman Emeritus, with the "Other" designation checked rather than Director or Officer.

What Was Disclosed

The filing disclosed a Form 4 for Richard M. Schulze, Chairman Emeritus of Best Buy Co Inc, reporting a change in beneficial ownership of 435 shares of common stock attributable solely to his spouse's appointment as a trust trustee on November 5, 2026, with no securities exchanged.