- Best Buy on Monday said its CFO, Corie Barry, would be assuming the role of CEO.
- The retailer said its current CEO, Hubert Joly, would enter a newly created role as executive chairman of the board.
- Joly was CEO for seven years, leading the retailer through a turbulent time and instituting a turnaround plan that has brought Best Buy back to strong growth.
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Best Buy has a new leader.
The company on Monday named its CFO, Corie Barry, as its next chief executive. Effective June 11, the company said, CEO Hubert Joly will enter a newly created role as executive chairman of the board.
Barry, who will be Best Buy’s first female CEO, will also join Best Buy’s board of directors.
“I am deeply honored to have been selected as Best Buy’s next CEO and look forward to working closely with Hubert, our board, and the exceptional Best Buy family to continue the momentum we have been able to achieve,” Barry said in a statement. “Today’s technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with our customers and employees, while continuing to deliver shareholder value.”
Joly has been CEO for roughly seven years, instituting a turnaround plan that has led the retailer back to strong growth, with eight consecutive quarters of same-store sales gains. He declared the turnaround complete roughly two years ago.
“I am so proud of the strategic, financial, and cultural transformation we have achieved, and with Best Buy well positioned for continued growth well into the future, now is the right time to begin a leadership transition,” Joly said in a statement. “Corie has played a critical role in developing and executing the proven growth strategy in place today, and I am confident she has the vision, skills, experience, and leadership capabilities necessary to be our CEO.”
Before becoming the company’s CFO, Barry served as strategic transformation officer. Joly said Barry led the development of the in-home-adviser program, among other tech- and service-focused initiatives, which were a key pillar of Best Buy’s pivot in strategy.
Mike Mohan, Best Buy’s chief operating officer, will also get a new title of president. Best Buy said it would begin a search for a new CFO to take Barry’s place.