Best Buy Announces New CEO

Published on: 16 Apr, 2019

Best Buy Co. (NYSE: BBY) named Corie Barry, the Company’s current Chief Financial and Strategic Transformation Officer, as its new Chief Executive Officer on Monday, effected on June 11. She will be one of the youngest women to lead a S&P 500 company.

Hubert Joly, the Company’s current Chief Executive Officer and Board Chairman, will remain employed as the Executive Chairman of the Board, a newly created position.

The leadership transformation remains the Company’s ongoing succession plan. Barry joined the Company in 1999 and has served multi-roles. She is participating in the plan to further promote Best Buy’s future growth currently.

Best Buy shares dropped more than 1% premarket after the announcement today. Last Friday, the stock closed on USD 73.57, almost reaching its high records. In the past 4 years, annual earnings per share nearly doubled.

Hubert Joly joined the Company in 2012, when Best Buy faced the problem about how to incorporate e-commerce into its retailer business. As more consumers chose to shop online, he came up with a plan to help the Company achieve a multiyear turnaround. His strategies, including price match, adding same-day delivery services to certain areas, and accomplishment of online orders in more than 1,000 U.S. stores, helped Best Buy achieve its 2021 financial targets last year. Instead of selling electronics to customers, he pointed out that the Company should focus on how to satisfy customer’s needs through technology developments in order to compete with Amazon and other companies.

Since the Company will focus on long-term investments, Hubert Joly will continue to advice on mergers and acquisitions. He will also concentrate on external and internal relations and leadership development, assisting the new Chief Executive Officer on government affairs and community relations.

Also, on June 11, Mike Mohan, current Chief Operating Officer, will become president and Chief Operating Officer.

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