Early Reactions to Best Buy’s Slated Change in Leadership
For the first time in its history, Best Buy elected a female CEO in Corrie Barry. Although she still has a few months to go before she officially assumes the position, the reactions from analysts and the general public appear to be mostly positive despite a few doubters here and there.
"She is a strategic thinker who helped develop the turnaround strategy with current CEO Hubert Joly and has been at his side laying the plan for the future. If ever there was a CFO suited to be CEO, it is Ms. Barry," said Telsey Advisory Group's analyst, Joseph Feldman.
Some have pointed out that in her new role, Barry will become one of the most powerful women in U.S. retail. In fact, Best Buy holds the No. 2 spot in our Dealerscope Top 101 CT Retailers List for 2019, so really, she’s only a hop, skip, and a jump away from being at the tippy top—in this space anyhow.
Corie Barry, Best Buy's current CFO, will become CEO in June.
Worth noting that she arguably becomes the most powerful woman in U.S. retail, with no other Top 10 retailer (by revenue) having a woman at the top: https://t.co/vtU97Q4veJ
— Sarah Halzack (@sarahhalzack) April 15, 2019
— CatalystInc (@CatalystInc) April 15, 2019
— Robert Stephens (@rstephens) April 15, 2019
Kudos to Best Buy for naming Corie Barry CEO. Much more work to do on female executive leadership but another great step! https://t.co/k6DwklplxY
— Lisa Donohue (@ldonohue) April 15, 2019
Still, there remains a few that are skeptic as Hubert Joly passes the baton over to Barry. Some analysts feel that Joly was a driving force of positive change for the company, and that Best Buy will really feel the weight of his absence as CEO. It’s also worth noting that Best Buy’s stock fell as much as 1.2 percent in morning trading after the news was announced.
“Investors appreciate the amazing job Hubert has done for the last eight years and the downtick reflects some fear of change,” said Wedbush analyst, Michael Pachter.
But as we mentioned before, Joly won't be closing the door on his career with Best Buy entirely. In his new role as the Executive Chairman of the Board of Directors, Joly will continue to advise Barry on key matters like mergers and acquisitions. Barry also eased concerns on a call with the media adding that she would continue Best Buy’s business strategy without any major shifts or leadership changes.