Best Buy announced that Corie Barry, its chief financial and strategic transformation officer, will be the company’s new CEO, effective June 11. This makes Barry the first woman to serve in this role in the company.
The current CEO, Hubert Joly, will become executive chairman of the board, a newly created position within Best Buy, according to a press release.
In his new role, Joly will continue to lead the board of directors while advising and supporting the CEO on several key matters. He is expected to assume certain responsibilities at the request of the CEO in areas like government affairs, community relations and leadership development.
“I am so proud of the strategic, financial and cultural transformation we have achieved and with Best Buy well positioned for continued growth well into the future,” said Joly in a press release.
The changes are a reflection of the board’s ongoing succession planning process, which is designed to provide leadership continuity as the company continues to execute growth initiatives.
“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 in the press release. “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’s current responsibilities include strategic transformation and growth in the areas of, transforming its digital presence and updating internal technology, global finance, investor relations, enterprise risk and compliance, integration management and Best Buy Health.
Barry joined Best Buy in 1999 and has held a variety of financial and operational roles within the company, both in the field and in the corporate offices.
She became chief financial officer in 2016, and prior to that she served as the company’s chief strategic growth officer. She has also served as Best Buy’s senior vice president of domestic finance and as the interim leader for Best Buy’s services organization.
The company announced additional changes to its leadership team. Mike Mohan, the current U.S. COO, will be promoted to and COO, effective June 11. The company is expected to conduct an internal and external search for a new chief financial officer.