Best Buy April 15 announced that its board of directors has elected Corie Barry, currently the company’s CFO, to become CEO, effective following the company’s annual meeting of shareholders on June 11.
At that time, current CEO Hubert Joly will transition to the newly created role of executive chairman of the board.
Barry – Best Buy’s first female top executive – will also join the board of directors, which will expand to 13 directors.
Separately, COO Mike Mohan was promoted to president and COO, while Best Buy searches for a new CFO.
Since joining Best Buy in 2012, Joly has led the company through a successful transformation in the ecommerce era, including improved customer satisfaction, market share gains, comparable sales growth and improved margins, while achieving $1.4 billion in cost reductions.
In fiscal year 2019, Best Buy essentially delivered on its fiscal 2021 revenue and operating income targets two years ahead of schedule and returned $2 billion to shareholders through dividends and share repurchases.
As executive chairman, Joly will continue to lead the board 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.
“We have a tremendously talented, deep and dedicated leadership team at Best Buy,” Joly said in a statement. “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.”
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.
Barry has also served as SVP of domestic finance and as the interim leader of Best Buy’s services organization.
“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,” said Barry. “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.”
Prior to Best Buy, Barry worked at Deloitte & Touche. She holds bachelor’s degrees in accounting and management from the College of Saint Benedict, where she also serves on the board of trustees. Additionally, she serves on the board of directors for Domino’s Pizza.
Mohan’s responsibilities include oversight of all customer channels for Best Buy’s domestic business including retail, e-commerce and customer experience, services, home, and Best Buy Business. In addition, he leads category management, merchandising, marketing, supply chain, and real estate for Best Buy’s core U.S. business.
He joined the retailer in 2004 as VP 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. He has overseen the launch of thousands of store-within-a-store locations in partnership with leading technology vendors, the expansion of Best Buy’s own Magnolia and Pacific Kitchen & Home brands, the evolution of the company’s private-label brands, and the rise of emerging categories, such as 4K UHD TVs, health and fitness devices, and connected home products.
Before joining Best Buy, Mohan was VP and general merchandise manager for Good Guys, an audio-video specialty retailer that operated 79 stores in the western United States.
“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,” said Russell Fradin, the board’s lead independent director. “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.”