In a move to raise money and diversify his assets, Best Buy Co's founder and largest shareholder Richard Schulze is planning to sell an undisclosed amount of the company's stock. A prearranged plan would allow Schulze to sell Best Buy stock between October 1 and March 2014 at prevailing market rates, subject to minimum price thresholds. However, he would have no control over the sale's timing.

Best Buy shares doubled in the past year after Chief Executive Officer Hubert Joly took charge in September. He matched rivals' online prices, cutting annual costs by USD390 million through August 3. The company then sold its 50% interest in a European smartphone joint venture with Carphone Warehouse Group Plc for about USD775 million.

Schulze owns around 21% of Best Buy. Last year, he proposed a buyout of the retailer to the tune of USD26 per share. By the February deadline, however, he was unable to line up debt and equity funding, according to sources familiar with the matter. Unable to acquire the company, Schulze rejoined the board as Chairman Emeritus, nominating two directors to the board.