January 17, 2020
Best Buy’s board of directors has opened an investigation regarding CEO Corie Barry having a previous personal relationship with a senior executive, who has since left the company and is now CFO of 24 Hour Fitness.
Barry, a former CFO of the consumer electronics retail giant, was named CEO last year after former chief executive Hubert Joly stepped aside to become executive chairman of the board.
The allegation linking Barry with former SVP Karl Sanft was outlined in an anonymous letter to the board, dated Dec. 7, 2019.
“We encourage the letter’s author to come forward and be part of that confidential process,” a retail spokesman said in a statement first reported by The Wall Street Journal. “We will not comment further until the review is concluded.”
Barry, who says she is cooperating fully with the board, has been with Best Buy for 20 years, including a stint as president of the Geek Squad in 2013.
Executive personal conduct has been an issue at Best Buy, which terminated former CEO Brian Dunn in 2012 after his inappropriate relationship with store staffer came to light. Founder Richard Schulze stepped down as well after the Dunn inquiry determined Schulze had failed to notify the board about the CEO’s conduct.