Best Buy switches up leadership roles as part of succession planning process

April 15, 2019 05:35 PM

Best Buy on Monday said Corie Barry, currently the company's chief financial and strategic transformation officer, will become its new chief executive officer, effective June 11, making her the first woman ever to serve in this role.

Hubert Joly, who is Best Buy's current board chairman and CEO, will become executive chairman of the board, a newly created position, the company said.


It said the changes are part of the retailer's board's "ongoing succession planning process" and are meant "to provide leadership continuity." Barry will also join the board of directors, which will now expand to 13 directors, Best Buy said.

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"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," Joly said in a statement.

Best Buy shares were last down a little more than 1 percent in pre-market trading following the news.

Joly joined Best Buy in 2012 and roughly two years ago laid out a plan for the consumer electronics company to help it achieve a turnaround. He pivoted the company to focus on its in-home advising service, technology as a health-care business and growing partnerships with tech behemoths including Amazon.

Best Buy said Joly will continue to advise on certain "key matter" like mergers and acquisitions and relationships with outside companies. He's also expected to help Barry with areas like government affairs and community relations, the company said.

Best Buy shares as of Friday's market close had climbed nearly 40 percent so far this year.

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