Best Buy will have a new CEO June 11, as Hubert Joly becomes executive chairman and Corie Barry, currently CFO and chief strategic transformation officer, takes over.
Barry will also join the board of directors.
The company said that the moves were made for succession planning and continuity as Best Buy follows through on its digital transformation and omnichannel efforts. Best Buy has shown it can compete in a tough retail space and has altered its model to become more efficient in recent years.
Joly joined Best Buy in 2012 and launched Best Buy 2020 in 2017 as a way to boost sales and customer satisfaction while becoming more efficient. The efforts were funded by $1.4 billion in cost savings. For the most part, Best Buy has hit its quarterly targets and improved on most metrics. Joly will continue to advise Barry.
Barry was a driving force behind much of the Best Buy initiatives including acquisitions such as GreatCall. She became CFO in 2016. Best Buy said they will recruit for a new CFO.
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