In its ongoing evolution, Best Buy announced that its board of directors has identified the successor to Hubert Joly as the company’s new CEO. Corie Barry, currently the CFO and Chief Strategic Transformation Officer, was elected by the consumer electronics retailer’s Board of Directors to become the new CEO when Joly steps back from the post on June 11, 2019. Joly will move into the newly created position of Executive Chairman of the Board of Directors. Best Buy ranks as the second-largest retailer of consumer electronics on Dealerscope's 2019 Top 101 CE Retailers list.
In a statement, Best Buy said that these changes reflect the Board’s “ongoing succession planning process and are designed to provide leadership continuity as the company continues to execute its strategic growth initiatives.”
For Joly, his transition brings to a close a seven-year run as Best Buy’s top executive. During that time he saw the electronics retailer complete an impeccable strategic and financial turnaround. Once considered just the next victim of Amazon’s steamrolling of the retail industry, Joly managed to change the corporate culture at Best Buy by redirecting the focus back to providing improved customer service. That led to Joly’s growth strategy, known as Best Buy 2020: Building the New Blue, which has helped bring the company back from the edge of a financial collapse.