Best Buy appoints first female CEO in 53-year history
US retailer Best Buy has appointed Corie Barry, the company’s chief financial and strategic transformation officer, as its new CEO, making her the first female to serve in this role in the company’s history.
Barry, who will take on the role effective June 11, will replace Hubert Joly, the company’s current chairman and chief executive. She will also join the board of directors, which will expand the number to 13.
Joly will take on the newly created role of executive chairman of the board once he steps down from his current position.
“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.
“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.”
According to Best Buy, Joly has led the company through its successful, customer-focused 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.
As executive chairman, 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. In addition, he is expected to assume certain responsibilities at the request of the CEO, in areas like government affairs, community relations and leadership development.
Barry, who joined Best Buy in 1999, said she is deeply honoured to have been appointed as the company’s new CEO, and that she looks forward to continuing the company’s momentum.
“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 said.
As part of the transition, the company announced an additional change to its leadership team, also effective on June 11. Mike Mohan, current US chief operating officer, has been promoted to president and COO.
Mohan joined Best Buy in February 2004 as vice president of the digital imaging business group and has assumed additional responsibilities throughout his career across nearly all of Best Buy’s product and business categories.
The company announced it will conduct an internal and external search for a new chief financial officer.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.