Best Buy announced a new CEO to replace the acclaimed Hubert Joly, who helped turn around the chain, increasing its market share, store growth and margins.
Corie Barry becomes Best Buy’s first female CEO, effective June 11, while Joly become Executive Chairman.
Barry is currently Best Buy’s Chief Financial Officer, and Joly credits her with assisting in Best Buy’s turnaround.
“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. I look forward to working with her closely in my new role as we seek to continue Best Buy’s growth trajectory, deliver on the full potential of our strategy and create additional long-term value…” announcement Joly Monday.
Barry joined Best Buy in 1999 and has held several financial and operational roles at the company. She became CFO in 2016 and, prior to that, served as the company’s Chief Strategic Growth Officer. At present, she is in charge of digital technology, global finance, investor relations, enterprise risk and compliance, integration management, and Best Buy Health, which includes GreatCall. She is also in charge of Best Buy strategic transformation and growth.
The chain also announced the promotion of Mike Mohan, current U.S. Chief Operating Officer, who was once a VP for the Good Guys. He becomes Best Buy’s President and Chief Operating Officer. The company will conduct an internal and external search for a new Chief Financial Officer.
As COO, Mohan’s responsibilities include oversight of all customer channels for Best Buy’s domestic business and he leads category management, merchandising, marketing, supply chain, and real estate for the US.
Mohan joined Best Buy in February 2004 as VP of the Digital Imaging Business Group.
Joly added, “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.”