Best Buy names new CEO
Best Buy Co. on Monday announced that Chief Financial and Strategic Transformation Officer Corie Barry is on deck to succeed Hubert Joly, effective June 11, the date of the company's shareholder meeting. She will also then join the board, which will expand to 13 directors, according to a company press release emailed to Retail Dive. The company said it will conduct an internal and external search for a new CFO.
Joly, who also serves as Best Buy's chairman, will transition to a newly created position of executive chairman of the board, the company said. In that role, he "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," according to the release.
Barry joined Best Buy in 1999 and has held a variety of financial and operational roles there, including chief strategic growth officer, senior vice president of domestic finance and interim leader of the retailer's services organization. She was named CFO in 2016.
Joly since his arrival in 2012 has overseen a triumphant turnaround at Best Buy that has entailed trimming its store fleet and upgrading the remaining locations, at a time when Amazon seemed destined to decimate its market share in electronics.
Instead, at least when it comes to selling its Fire TVs, Amazon has emerged as a partner eager to leverage the physical locations, customer service and consumer trust that Best Buy enjoys.
Best Buy also beefed up its Geek Squad technical support and in-home setup, and its GreatCall acquisition last year, a move on Barry's plate, is in line with the customer-service emphasis that helps differentiate it from other electronics dealers.
In addition to her move up the ladder, Mike Mohan, who is now the company's U.S. chief operating officer, on June 11 will be promoted to president and chief operating officer. The appointments allow Best Buy to continue on its trajectory, with a smooth transition and the team largely in place.
Barry's responsibilities as CFO have included strategic transformation and growth, digital and technology, global finance, investor relations, enterprise risk and compliance, integration management, and Best Buy Health, which includes GreatCall.
That seems important to the company, as Russell Fradin, Best Buy's lead independent director, said in a statement that the company hopes to maintain the momentum it gained under Joly's tenure.
"Hubert has done a tremendous job leading Best Buy's turnaround, assembling a deep team of talented leaders and instilling a clear strategy for future growth and lasting success," he said. "As a Board, it is important to build on this strong foundation by implementing a thoughtful succession planning process. We are confident that Corie and Mike are perfectly suited to continue working with Hubert and the rest of the management team to build on our success and drive Best Buy into the next phase of its transformation."
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