Minneapolis, MN—Best Buy Co.’s board of directors elected Corie Barry, currently the company’s chief financial and strategic transformation officer, as its first female CEO. She assumes her new role as chief executive officer following the company’s annual meeting of shareholders on June 11, 2019. At that time, Hubert Joly, Best Buy’s current chairman and CEO, will transition to the newly created role of executive chairman of the board.
The board also announced that Mike Mohan, current U.S. chief operating officer, will become president and COO of Best Buy.
These changes reflect the board’s ongoing succession planning process. Moreover, the goal is to provide leadership continuity as the company execute its strategic growth initiatives. Barry will also join the board of directors, which expands to 13 directors.
“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,” commented Russell P. Fradin, Best Buy’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 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.”
Hubert Joly’s Tenure
Since joining Best Buy in 2012, Joly led the company through its successful, customer-focused Renew Blue transformation. As a result, the company saw improved customer satisfaction; market share gains; and comparable sales growth as well as improved margins. In addition, Best Buy achieved $1.4 billion in cost reductions and efficiencies to fund investments in organic growth.
In 2017, Joly introduced Best Buy 2020: Building the New Blue. The new growth strategy focused on enriching lives through technology, driving Best Buy to stronger performance. Moreover, in fiscal year 2019, Best Buy delivered on its fiscal 2021 revenue and non-GAAP operating income targets two years ahead of schedule. It also returned $2 billion to shareholders through dividends and share repurchases.
Role of Executive Chairman
As executive chairman, Joly will lead the board of directors. He will also advise and support Barry on key matters. These include strategy, capability building, M&A and external relationships. In addition, Joly will assume certain responsibilities at the request of the CEO, in areas like government affairs, community relations and leadership development. This will allow Best Buy to continue to benefit from Joly’s skills and experience.
“I am so proud of the strategic, financial and cultural transformation we have achieved. With Best Buy well positioned for continued growth well into the future, now is the right time to begin a leadership transition,” Joly said. “We have a tremendously talented, deep and dedicated leadership team at Best Buy. It is driven by our strategy and purpose to enrich lives with technology, build lasting relationships with customers and also make positive impacts on society.
“Corie has played a critical role in developing and executing the proven growth strategy in place today. I’m confident she has the vision, skills, experience and leadership capabilities necessary to be 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 for our shareholders, employees and customers.”
Best Buy’s First Female CEO
Corie Barry joined Best Buy in 1999. She has held a variety of financial and operational roles within the organization, both in the field as well as at the corporate campus. She became CFO in 2016 and, prior to that, served as the company’s chief strategic growth officer. Barry was also senior vice president of domestic finance and the interim leader of Best Buy’s services organization.
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.
“I am deeply honored to have been selected as Best Buy’s next CEO. I look forward to working closely with Hubert, our board and also the exceptional Best Buy family to continue the momentum we have achieved,” 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 also holds bachelor’s degrees in accounting and management from the College of Saint Benedict. In addition, she serves on the board of directors for Domino’s Pizza.
Additional Leadership Changes
Moreover, as part of the transition, the board announced an additional change to its leadership team. Effective on June 11, Mike Mohan, current U.S. chief operating officer, will become president and chief operating officer. Furthermore, the company will conduct an internal and external search for a new chief financial officer.
As U.S. chief operating officer, Mohan’s responsibilities include oversight of all customer channels for Best Buy’s domestic business. These areas include 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.
Mohan joined Best Buy in 2004 as vice president of the digital imaging business group. He has assumed additional responsibilities throughout his career across nearly all of Best Buy’s product and business categories. He also oversaw the launch of thousands of store-within-a-store locations in partnership with leading technology vendors.
In addition, he supervised 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 vice president and general merchandise manager for Good Guys. The audio-video specialty retailer operated 79 stores in the western United States. Mohan also serves as a trustee for the Boys & Girls Clubs of America and serves on the board of directors for Bloomin’ Brands, Inc.