Richard Schulze, the founder of national electronics retailer Best Buy, plans to gradually increase his Minneapolis-based charitable foundation’s assets from $100-million to $1-billion and use most of money to support “transformational change” in education and medical research, reports the Star Tribune.
The expansion will be accompanied by a change in leadership at the Richard M. Schulze Family Foundation, which has been largely dormant for months since Nancy Tellor, one of Mr. Schulze’s children, left the organization. Mark Dienhart, executive vice president and chief operating officer of the University of St. Thomas in St. Paul, will become the foundation’s CEO next month.
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