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.
“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 the statement. “We have a tremendously talented, deep and dedicated leadership team at Best Buy, driven by our strategy and purpose to enrich lives with technology, build lasting relationships with customers and make positive impacts on society.”
As the leadership reigns get handed over to Barry, the retailer looks to remain on its path of continued growth. As Joly noted in the statement, she played a crucial role in developing and executing on that strategy from the get go. And, for what it’s worth, Joly won’t be more than a phone call away in his new role.
Currently, Barry’s responsibilities include strategic transformation and growth, digital and technology, global finance, investor relations, enterprise risk and compliance, integration management, and Best Buy Health—which includes GreatCall. She’s been with the company since 1999 and has served in a variety of financial and operational roles. She’s been the company’s CFO for the past two-plus years.
“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 the 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.”
Additional personnel moves include the promotion of Mike Mohan—currently the U.S. COO—to President and COO. Best Buy said it will also launch a search for a new CFO.