Best Buy (NYSE: BBY) today announced that its board of directors has elected Corie Barry, currently the company’s chief financial and strategic transformation officer, to become chief executive officer (CEO). In addition, the company has promoted Mike Mohan to president and chief operating officer, and Hubert Joly to the newly created executive chairman of the board position.
All changes are effective following the company’s annual meeting of shareholders on June 11, 2019.
According to a press release, these changes reflect the Board’s ongoing succession planning process and are designed to provide leadership continuity as the company continues to execute its strategic growth initiatives.
“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,” says Joly.
Corie Barry’s current responsibilities include strategic transformation and growth, digital and technology, global finance, investor relations, enterprise risk and compliance, integration management, and Best Buy Health, which includes GreatCall. She will also join the board of directors.
She 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.
She has also served as senior vice president 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,” comments 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.”
Mohan Promoted to President, Joly Becomes Executive Chairman
As part of the transition, the company has also announced an additional change to its leadership team, with Mike Mohan, current U.S. chief operating officer (COO), being promoted to president and COO. The company will conduct an internal and external search for a new CFO.
As U.S. COO, 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 Best Buy in February 2004 as vice president 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.
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Hubert Joly, Best Buy’s current chairman and CEO, will transition to the role of executive chairman of the board.
Since joining Best Buy in 2012, Joly has led the company through its successful, customer-focused Renew Blue transformation, which delivered improved customer satisfaction, market share gains, comparable sales growth and improved margins, while achieving $1.4 billion in cost reductions and efficiencies to fund investments in Best Buy’s organic growth.
In 2017, Joly introduced Best Buy 2020: Building the New Blue, the company’s growth strategy focused on enriching lives through technology, which has driven Best Buy to even stronger performance.
As executive chairman, Joly 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.
“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, now is the right time to begin a leadership transition,” says Joly.
“We have a tremendously talented, deep and dedicated leadership team at Best Buy, driven by our strategy and purpose to enrich lives with technology, build lasting relationships with customers and make positive impacts on society.”
He is expected to assume certain responsibilities at the request of the CEO, in areas like government affairs, community relations and leadership development.
“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,” says Russell P. Fradin, Best Buy’s lead independent director.