Best Buy Appoints New CEO as Hubert Joly Steps Down
Corie Barry will become Best Buy’s new CEO on June 11, when Hubert Joly, the retailer’s current chairman and CEO, transitions to executive chairman of the Board.
Barry, currently the company’s chief financial and strategic transformation officer, will also join the board of directors, which will expand to 13 directors.
Barry joined Best Buy in 1999 and has held a variety of financial and operational roles within the organization, both in the field and at the corporate campus. She became CFO in 2016 and, prior to that, served as the company’s chief strategic growth officer, as well as the company’s senior vice president of domestic finance and as the interim leader of Best Buy’s services organization.
Barry’s current 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.
“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,” she said. “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.”
Barry has big shoes to fill. Joly joined the retailer as CEO in 2012 and led the company through its Renew Blue transformation, which delivered improved customer satisfaction, market share gains, comparable sales growth and improved margins, while achieving $1.4 billion in cost reductions and efficiencies to fund investments in Best Buy’s organic growth.
In 2017, Joly introduced Best Buy 2020: Building the New Blue, the company’s growth strategy focused on enriching lives through technology, which has driven Best Buy to even stronger performance.
As executive chairman, a newly created role, Joly will continue to lead the board of directors while advising and supporting the CEO on key matters, such as strategy, capability building, M&A and external relationships.
“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. “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. 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. I look forward to working with her closely in my new role as we seek to continue Best Buy’s growth trajectory, deliver on the full potential of our strategy and create additional long-term value for our shareholders, employees and customers.”
As part of the transition, the company will conduct a search for a new CFO. It will also promote Mike Mohan, current U.S. chief operating officer, to president and chief operating officer on June 11.